Former Ranbaxy owners arrested for fraud
Singh brothers accused of misappropriation, as well as not paying previous fines relating to Ranbaxy’s takeover by Daiichi Sankyo
Police in New Delhi, India, have arrested Malvinder and Shivinder Singh, the former owners of pharmaceutical giant Ranbaxy Laboratories, as well as India’s second largest hospital chain Fortis Healthcare and financial services firm Religare. The brothers are charged with fraud amounting to £265 million. A Delhi court sent them for custodial interrogation for 6 days, based on a complaint filed last December by Religare Finvest – which they once owned – for misappropriation and fraud.