- Allegations of financial irregularities on Malvinder, Shivinder
- On the basis of which the Delhi Police had registered a case, the ED started an investigation into money laundering
new Delhi. The Enforcement Directorate (ED) on Thursday conducted searches at the locations of former Ranbaxy promoters brothers Malvinder Mohan Singh (45) and Shivinder Mohan Singh (43). According to the news agency, this action has been taken in the case of money laundering. Both are accused of financial irregularities at Religare Enterprises and Fortis Healthcare.
Police case took place in May, ED took cognizance
Religare Finvest Limited filed a complaint with the Economic Offenses Wing of the Delhi Police against Malvinder and Shivinder in December last year. A case was filed against both of them in May this year. He is accused of fraud worth Rs 740 crore. Taking cognizance in this case, the Enforcement Directorate had registered a case of money laundering.
Accusations of hiding information in Ranbaxy’s deal also
Malvinder-Shivinder is also in dispute with Japanese pharmaceutical company Daiichi Sankyo. In April, in a dispute over payment of Rs 4,000 crore, the Supreme Court had told the two brothers that if they breached the order, they would be sent to jail. Daiichi is fighting in court for the enforcement of the Sankyo Arbitration Award. She won the case in 2016 at the Singapore Tribunal. Daichi bought Ranbaxy in 2008 from Malvinder-Shivinder Singh. He later alleged that the Singh brothers hid important information about Ranbaxy. She had complained to the Singapore Tribunal.