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The Singh brothers—Shivinder Singh (left) and Malvinder Singh. (HT)
The Singh brothers—Shivinder Singh (left) and Malvinder Singh. (HT)

ED tightens noose around former Ranbaxy promoters

  • Enforcement Directorate (ED) today searched the residences of Malvinder Singh and his brother Shivinder Singh in New Delhi
  • Earlier in February, Malvinder Singh had filed a criminal complaint against his brother Shivinder Singh alleging financial fraud

New Delhi: The Enforcement Directorate (ED) on Thursday searched residences of former Ranbaxy chief executive officer (CEO) Malvinder Singh and his brother Shivinder in New Delhi in connection with a money laundering case.

The case was filed against the duo under the Prevention of Money Laundering Act (PMLA), following allegations of financial irregularities and subsequent downfall of their businesses, a person familiar with the development said.

Malvinder and Shivinder Singh could not be reached for comment.

In April, a bench comprising Chief Justice Ranjan Gogoi and Justices Deepak Gupta and Sanjiv Khanna, had reserved order on Daiichi's contempt plea against the former Ranbaxy promoters and others.

The apex court had expressed dissatisfaction over responses filed by the former Ranbaxy promoters in response to its 14 March direction asking them to submit a concrete plan for paying Rs4,000 crore to Daiichi Sankyo as directed by a Singapore tribunal.

Earlier in February, Malvinder Singh had filed a criminal complaint against his brother Shivinder Singh alleging financial fraud.

In 2008, the Singh brothers sold their family firm, Ranbaxy Laboratories Ltd to Daiichi for $4.6 billion. However, the US Food and Drug Administration (FDA) cracked down on two of its plants months later.

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