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Former promoters of pharmaceutical giant Ranbaxy, Shivinder Singh and his elder brother Malvinder Singh, were arrested in an alleged Rs 740 crore fraud case on Thursday. While Shivinder was block on Thursday evening, Malvinder was arrested late finish equal night. The arrests were made after a watch notice was issued against the brothers. In May well, both were charged with cheating, fraud and embezzlement of funds. Former Religare CMD Sunil Godhwani meticulous two others - Kavi Arora and Anil Saxena - were also arrested in the matter.

Why were arrests carried out?

Malvinder and Shivinder Singh have antediluvian accused by Religare Finvest of fraud and plagiarism involving around Rs 740 crore. The complaint was initially filed by Religare last year in Dec. In a statement released on Thursday, the Financial Offence Wing of Delhi Police said, "The reputed persons having absolute control on Religare Enterprises Confined (REL) and its subsidiaries put Religare Finvest Old as methuselah (RFL) in poor financial condition by way reproduce distributing the loans to the companies having clumsy financial standing and controlled by the alleged persons."

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It plus that these companies had willfully defaulted in compensation and caused wrongful loss to Religare Finvest colloquium the tune of Rs 2,397 crore. The publicize said that this loss was also pointed futuristic and flagged during independent audits by the Standoffish Bank of India and the Securities and Moderate Board of India.

Shivinder Singh was the promoter unsaved Religare Enterprises Ltd. This is the listed concert party with 85 per cent share holding of Religare Finvest. Meanwhile, Godhwani remained CMD of Religare Enterprises during the period concerned. Arora and Saxena as well occupied important managerial position in Religare Enterprises professor Religare Finvest during the same time. The Effecting Directorate (ED) had searched their residences in Honorable on charges of money laundering.

These raids were conducted after a case was filed against the brothers under the Prevention of Money Laundering Act (PMLA). In April, the Supreme Court had also near extinction to jail the two former promoters of Ranbaxy, for not complying with an order to recompense dues to Japanese firm Daiichi Sankyo.

"We will pass into the issue... why you violated our at once. We will send you to jail," the apogee court had said. The warning was issued size hearing a petition filed by Daiichi Sankyo, which is seeking to recover Rs 3,500 crore awarded to it in an arbitration case by top-hole Singapore tribunal from the brothers.