Friday, March 29, 2024
ADVT 
India

ED Arrests Ex-Ranbaxy Promoter Malvinder Singh, Ex-CMD Of Religare Sunil Godhwani In RFL Fraud Case

Darpan News Desk IANS, 14 Nov, 2019 08:38 PM

    The Enforcement Directorate (ED) on Thursday said that it has arrested former Relkigare Health Enterprises Ltd promoters Malvinder Singh and Sunil Godhwani in connection with its probe into a money laundering case.


    An ED spokesperson said that Singh and Godhwani, who were arrested by the Economic Offences Wing (EOW) of Delhi Police and were in judicial custody at the Tihar jail, has been arrested under the charges of money laundering.


    The ED has registered a case on the basis of the Delhi Police's EOW case.


    The official said that the duo would be produced before a metropolitan magistrate in prison, and the the ED will seek their custodial interrogation. Besides Godhwani and Malvinder Singh, the EOW has also arrested the latter's brother Shivinder, Kavi Arora and Sunil Saxena last month.


    They are accused of causing a loss of Rs 2,397 crore to Religare Enterprises. The First Information Report (FIR) states that the accused who had total control of Religare put the firm in a financially weak condition by way of disposing off their loans.


    The FIR also states that these companies controlled by the accused had no financial standing. The EOW has earlier informed the court that Malvinder's firm RHC Holdings Pvt Ltd diverted Rs 1,260 crore in order to square off liabilities.


    "The forensic audit conducted by Sebi (Securities and Exchange Board of India) revealed that Rs 1,260 crore have been diverted to RHC Holdings Pvt Ltd...and has been further paid to square off the liabilities of the mutual funds," the EOW said in its application seeking remand of the five accused arrested, including the former promoters of medicine giant Ranbaxy and the Singh brothers.


    A copy of the remand application accessed by IANS says that a report from the Reserve Bank of India submitted by the complainant company mentions that the shareholding patterns of top borrowers under the Corporate Loan Book (CLB) portfolio shows that they were related entities.

    MORE India ARTICLES

    Air Quality In Several Districts Of Punjab, Haryana 'Severe', 'Very Poor'

    Several districts in Punjab and Haryana reported air quality indices in the “severe” and “very poor” categories on Wednesday even as the number of stubble-burning incidents dropped in the two agrarian states over the past few days.    

    Air Quality In Several Districts Of Punjab, Haryana 'Severe', 'Very Poor'

    Private Jet Terminal At Delhi Airport From 2020

    The national capital's Indira Gandhi International Airport will soon sport a dedicated terminal for private jets by early next year, a senior company official has said.    

    Private Jet Terminal At Delhi Airport From 2020

    Gurugram Hotspots Dominate NCR Pollution List

    Gurugram is the most polluted city in Delhi-NCR on Wednesday with four out of the five most polluted areas falling within the city, as per Skymet AQI app data.    

    Gurugram Hotspots Dominate NCR Pollution List

    Amarinder Asks ‘Cash-Rich’ SGPC To Bear USD 20 Kartarpur Service Fee

    Pointing to the “lavish spends” of the SGPC on holding separate programmes to commemorate the 550th birth anniversary of Guru Nanak Dev in Sultanpur Lodhi on Tuesday, Singh said it was evident that the religious body was flush with funds.    

    Amarinder Asks ‘Cash-Rich’ SGPC To Bear USD 20 Kartarpur Service Fee

    Pollution Woes: Delhi Schools To Be Closed On Thursday, Friday As Air Quality Deteriorates

    Pollution Woes: Delhi Schools To Be Closed On Thursday, Friday As Air Quality Deteriorates
    With air pollution in the city again touching 'emergency' levels, the Delhi government on Wednesday ordered schools in the national capital to remain shut till Friday.    

    Pollution Woes: Delhi Schools To Be Closed On Thursday, Friday As Air Quality Deteriorates

    Blood Feud Born Out Of Coal Rivalry Takes Centrestage In Dhanbad

    Remember 'Gangs of Wasseypur'? Its fleshed out characters, some whacky, others deadly dangerous, all monochromatic. Press the refresh button, for many of those names are going to leap out of the celluloid frame and be part of our daily narrative again.  

    Blood Feud Born Out Of Coal Rivalry Takes Centrestage In Dhanbad