Delhi police on Thursday arrested former promoter of Fortis Healthcare Shivinder Singh and three others in an alleged fraud case, officials said. A complaint was filed by Religare Finvest Limited (RFL) alleging that loans were taken by Shivinder Singh while managing the firm but the money was invested in other companies. The complaint had also named Godhwani, among other directors, for cheating, fraud and misappropriation of funds to the tune of Rs 740 crore. The relationship between the Singh brothers, the erstwhile promoters of Fortis Healthcare, had turned sour after allegations of fund diversion from the healthcare chain emerged. Shivinder Singh had offered to pay his share of the Rs 3,500-crore award to the Japanese drug maker in a dispute related to the acquisition of Ranbaxy Laboratories.

Source: The Telegraph October 10, 2019 13:25 UTC