New Delhi |OCT 10 :
The Economic Offence Wing of the Delhi Police Thursday arrested former promoter of Religare Enterprises Shivinder Singh in connection with an alleged fraud case. The arrest came two months after the Enforcement Directorate (ED) had carried out searches in his residence after revelations from the Mauritius Leaks on the offshore holdings of Shivinder Singh and Malvinder Singh were described as “corroborative evidence” for the investigating agency. In July, The Indian Express had reported that funds were allegedly diverted from Religare Enterprises Ltd (REL), a company listed in India, into a Jersey firm that was solely owned by Malvinder Singh and Shivinder Singh, using a web of offshore companies. REL, which earned consolidated profits of Rs 92 crore on revenues of Rs 748 crore in 2007-08 turned into a loss-making firm in subsequent years with losses mounting to Rs 1,350 crore on revenues of Rs 2,586 crore in 2017-18. The Singh brothers had a fallout with Sunil Godhwani, who was appointed by the brothers to lead their family office after Ranbaxy sale in addition to his role in Religare (of which he had become the CEO in 2001).
