Wednesday, October 28, 2020

India: Ex-Ranbaxy Promoter Malvinder Singh Arrested In Money Laundering Case

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The Enforcement Directorate (ED) on Friday arrested ex-Ranbaxy promoter Malvinder Singh in a money laundering case related to alleged misappropriation of funds of Religare Finvest Ltd (RFL). The central probe agency also arrested ex-CMD of Religare Enterprises Ltd Sunil Godhwani in the case.

Both Singh and Godhwani were taken into custody inside the Tihar Jail, where they are currently lodged in a case filed by the Delhi Police in relation to the alleged scam. The Enforcement Directorate will now produce the accused before a metropolitan magistrate in the prison and seek their custodial interrogation.

According to the agency, Singh Godhwani laundered money for the RFL, a subsidiary of the Religare Enterprises Ltd. They were booked under sections 3 and 4 of the Prevention of Money Laundering Act, the ED said.

Earlier last month, Malvinder Singh has filed a plea before the Delhi High Court, seeking to quash an FIR against him in the alleged misappropriation of Religare Finvest Ltd (RFL) funds, which caused the firm a loss to the tune of Rs 2,397 crore.

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According to the Delhi Police’s Economic Offenders Wing (EOW), a forensic report from the Reserve Bank of India (RBI) found that Rs 1,260 crore was diverted from RFL. EOW on March 27 lodged an FIR against Singh and others under sections 420, 409 and 120B of the IPC on a complaint by Manpreet Singh Suri of RFL.

The others named in the FIR are Malvinder’s brother Shivinder, Sunil Godhwani (58), the former chairman and managing director of REL, Kavi Arora (48) and Anil Saxena, who occupied important positions in REL and RFL.

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