Religare Enterprises Limited is the holding company for one of India's leading diversified financial services groups, headquartered in New Delhi, India.
Asset stripping is something that Indian promoters have perfected into an art form. For years, the Singh Bros - Malvinder Mohan Singh (MMS) and Shivinder Mohan Singh (SMS) have got away with the proverbial blue murder and finally their luck ran out with their recent arrest. The width and depth of the architecture of their fraud is gargantuan. The FIR against the duo along with erstwhile CEO Sunil Godhwani provides details of the modus operandi of the systematic asset stripping. Moreover, it once again throws into stark relief the fact that regulatory oversight failed and the company which saw an inspection as far back as 2010 managed to operate under the radar, continuing with innumerable irregularities without any fear.
Rs 1,260 crore has been diverted to Malvinder Singh's firm RHC Holdings Pvt Ltd in order to square off liabilities, the Economic Offences Wing (EOW) probing the Religare Fraud Case told a Delhi Court.
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.
The Delhi Police's Economic Offences Wing (EoW) on Thursday arrested pharma major Ranbaxy's ex-promoter Shivinder Singh in a Rs 740 crore fraud case.