Economic Offences Wing of the Delhi Police has arrested Ranbaxy's former promoter Shivinder Singh and three others in a Rs 700 crore fraud case, based on a complaint given by Religare Enterprises Limited. The company has accused them of diverting funds worth Rs 700 crore from the company and of misappropriation. Earlier, too, the Singh brothers were embroiled in a case related to the Japanese company, Daiichi Sankyo, which had bought Ranbaxy in 2008. The Japanese company had also sought to recover its Rs 3,500 crore stuck with Ranbaxy. The raids were conducted after the ED registered a case under the Prevention of Money Laundering Act (PMLA) against them.

Source: dna October 10, 2019 13:14 UTC