Former Fortis Hospital owner arrested for fraud

Fortis Hospital Ex owner Malvinder Singh, was arrested by the Economic Offenses Wing (EOW) of the Delhi Police on Thursday from Ludhiana, Punjab while his brother Shivinder Singh was arrested from New Delhi earlier.

The Billionaire brothers had inherited the huge Ranabaxy empire, which has medicine factories to the biggest hospital chain of the country besides finance companies.

He was former Ranbaxy Laboratories CEO and chairman.  His brother Shivinder Singh, former promoter of Religare Enterprise was also arrested.

He will be brought to Delhi on transit remand by the EOW. Earlier in the day, a lookout circular was issued against Malvinder Singh who was reportedly absconding, the police said.

Malvinder Singh has been arrested just hours after his brother and former promoter of Religare Enterprises Shivinder Singh was held in connection with an allegedly misappropriating funds of Religare Finvest Limited (RFL) to the tune of Rs 2,397 crore. This is the fifth arrest in the defraud case of Rs 2,300 crore fraud case.

Sunil Godhwani (58), the former Chairman and Managing Director of Religare Enterprises Limited (REL), Kavi Arora (48) and Anil Saxena, who also occupied important positions in REL and RFL, were also arrested by the Economic Offences Wing (EOW) of Delhi Police for allegedly diverting money and investing in other companies, they said.

The four were taken into custody after questioning, the police added.

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