Indian pharma brothers arrested over ‘$330m fraud’

12 October, 2019 12:00 AM printer

NEW DELHI: Police in India have arrested two businessmen brothers over alleged embezzlement of more than $330m (£265m) from a financial services company, reports BBC.

Shivinder Singh and Malvinder Singh, former promoters of the pharmaceutical giant Ranbaxy, were once counted among the richest businessmen in India.

The brothers also owned a popular hospital chain.

Three key executives belonging to the finance company have been also held in connection with the case.

The Singh brothers were arrested by the economic offences wing of the Delhi police on Thursday evening. They have been charged with cheating, criminal conspiracy and criminal breach of trust. They deny the charges.

The financial service firm, Religare Finvest, had filed a complaint alleging that the brothers had embezzled money it had loaned to companies related to them or their associates.


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