Tuesday, 17 May, 2022
HomeIndiaShivinder Singh, former Fortis Healthcare promoter, arrested for fraud

Shivinder Singh, former Fortis Healthcare promoter, arrested for fraud

A complaint filed by Religare Finvest Limited alleged Shivinder Singh took loans while managing the firm but invested in other companies.

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New Delhi: The Delhi Police on Thursday arrested former Fortis Healthcare promoter Shivinder Singh and three others in an alleged fraud case, officials said.

Kavi Arora, Sunil Godhwani and Anil Saxena were also arrested by the Economic Offence Wing of Delhi Police for allegedly diverting public money and investing in other companies, they said.

A complaint was filed by Religare Finvest Limited (RFL) alleging that loans were taken by Singh while managing that firm but the money was invested in other companies.

“RFL saw a change in management. When the new management took over, they found that a loan had been taken but the money been invested in other companies linked to Singh and his brother. They filed a complaint with the EOW and subsequently, an FIR was registered,” said a senior police officer.

Shivinder’s brother Malvinder is absconding and a look out circular has been issued against him.


Also read: New CEO of Fortis plans to cut costs big time after ‘fraud’ by Singh brothers


 

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1 COMMENT

  1. Very unfortunate. Ranbaxy was one of my father’s favourite stocks, a promising firm in an industry where India can become a world leader. Disputes within the family, not maintaining the highest standards at production facilities, being less than fair while selling the firm to Dai Ichi, then playing around with investments. This story deserved a happy ending.

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