The tumultuous saga of former Indian billionaires Malvinder and Shivinder Singh seems to be entering a decisive stage.Scions of one of the nation’s most prominent business families, the Singh brothers were arrested Thursday and brought into a New Delhi trial court Friday to face charges of fraudulently diverting nearly $337 million from a lender they controlled. The accused will be held in police custody till they are produced before the trial court on October 15. Over the past few years, they lost all of their major businesses to mounting debt and allegedly fraudulent business practices. They have also bickered with each other, with Malvinder in the past accusing Shivinder and the pair’s spiritual guru of defrauding the family holding company. “These allegations have been there for a while and these brothers have been out in the open.

Source: Economic Times October 12, 2019 05:48 UTC