New Delhi: The Enforcement Directorate carried out multiple searches across Delhi in connection with a fraud case filed against pharmaceutical company Ranbaxy promoters Mavinder and Shivinder Mohan Singh on Thursday, August 1.
The two brothers were named in a criminal case filed by Religare Finvest Limited, along with the Economic Offence Wing and the Delhi Police, in December 2018. The case involved charges of fraud and misappropriation of funds amounting to nearly Rs 740 crores.
In April 2019, when the Singh brothers failed to comply with orders involving payment of dues to Japanese-based Daiichi Sankyo, the Supreme Court warned that they would be given a jail sentence.
India’s apex court issued the judgment in response to a petition filed by Daiichi Sankyo. It is currently seeking a compensatory amount of Rs 3,500 crores that was initially awarded to the corporation by a Singaporean tribunal in another case involving the two brothers.
