Ranbaxy's ex-promoters Malvinder, Shivinder Singh arrested

In December last year, Religare Finvest had filed complaint against Malvinder Singh and Shivinder Singh. In May, both were charged with cheating, fraud and misappropriation of funds.

The raids were conducted after the ED registered a case under the Prevention of Money Laundering Act (PMLA) against them. They have been accused by Religare Finvest of fraud and misappropriation involving around Rs. 740 crore. ED has also initiated a money laundering case against them. 

Former promoters of pharmaceutical giant Ranbaxy, Shivinder Singh and his elder brother Malvinder Singh, have been arrested in a Rs 740 crore fraud case, sources said.

According to sources, Shivinder was arrested on Thursday evening while Malvinder was arrested late at night, after a lookout notice was issued against him.