Former Ranbaxy, Fortis promoter Malvinder Singh arrested in money laundering case
New Delhi, Nov 14: Former promoter of Fortis Healthcare and Ranbaxy Laboratories Malvinder Singh was on Thursday arrested by the Enforcement Directorate (ED) in connection with money laundering case. Former CMD of Religare Enterprises Ltd Sunil Godhwani was also arrested in connection with the same case.
The ED is likely to seek Singh and Godhwani's custodial interrogation when both are produced before a metropolitan magistrate in the prison.
The pertains to alleged misappropriation of funds of Religare Finvest Ltd (RFL). Both Singh and Godhwani are accused of laundering money.
The ED took both the businessmen in its custody at Tihar Jail.
Last month, Economic Offences Wing of the Delhi Police arrested Pharma giant Ranbaxy and Fortis hospital former promoter Shivinder Singh and his elder brother Malvinder Singh in a Rs. 740-crore fraud case. Shivinder was arrested along with former CMD Sunil Godhwani, Kavi Arora and Anil Saxena.
According to the ED, both the accused, along with others, transferred an amount of approximately Rs 1,000 crore to various persons from entities linked to the corporate loan book and finally, the money was siphoned off.
In August, the Enforcement Directorate raided multiple premises linked to Malvinder and Shivinder. The ED is also investigating alleged misappropriation of over Rs 2,397 crore funds in this case and is probing companies like Arch Finance Ltd and RHC limited.