Former high-flyer tycoon brothers arrested in India

Tycoon brothers Shivinder and Malvinder Singh appeared in court on Friday accused of siphoning off hundreds of millions of dollars in the latest episode of a crumbling business dynasty.

The former owners of the Ranbaxy generic drugs giant, who are said to have lost a fortune worth billions over the past decade, are in court over $337 million diverted from the Religare financial group which they built up.
The brothers, also wrangling with each other over the lost money, were detained separately late on Thursday and charged along with three other top executives from the group.
The court gave police four days to question the brothers, who have launched a counter action calling for the investigation to be declared invalid.
Police said in a statement that the suspects had put Religare “in poor financial condition by way of disbursing the loans to companies having no financial standing.”
The suspects “systematically siphoned off and diverted money … in a clandestine manner for their own benefit,” the statement added.
The detention could speed the fall of the Singhs, whose grandfather and father built up Ranbaxy to become India’s largest pharmaceutical group.
Japan’s Daiichi Sankyo bought out Ranbaxy in 2008 in a deal valued at $4.6 billion.
Some of that went to repay loans and debt but the Singh brothers are said to have lost two billion dollars in bad deals and decisions as they built up Religare and the Fortis hospital and health group.
But much focus has been put on more than $350 million that media reports said the Singhs’ group loaned to companies and interests of Gurinder Singh Dhillon, the guru at the head of a sect that claims four million members worldwide.
The brothers have acknowledged that they had financial dealings with Dhillon and his Radha Soami Satsang Beas group. But they deny that Dhillon was the cause of their financial meltdown.
Dhillon, a relative of the Singhs’ mother, has not commented on the brothers’ troubles.
The Singhs were forced out of Religare and Fortis in 2018 and said in a statement to the Business Today magazine one year ago that they had sold virtually all their shares and assets to pay off debts.
Huge claims remain however and many of their remaining assets are under court control.
Daiichi Sankyo won a $500 million compensation order against the brothers at an international tribunal in Singapore in 2016 after claiming that they had withheld key information during the sale of Ranbaxy.
India ranks third in the world for the number of family owned conglomerates, behind China and the United States, according to a recent Credit Suisse report.
Conflicts are common within the families. But Business Today said: “Such decimation of a flourishing and diversified empire within a decade is unprecedented in India’s corporate history.”



Accident Accountability Accounts Adventure Afghanistan Agriculture AID Aircraft Airline Airport Animals Appeal Arabs Archaeology Army Arrest Arson Article Assassination Assistance automobile Aviation Award Bangladesh Banks belief birds Blast Blogger Brick Kiln Budget Bullion Bureaucracy BUSINESS Calamity Capsize Cargo case celebration Celebrity charity Child Labour Child trafficking Chinese Christian civic Civil Society Clash Cleanliness Climate Coal-mine collapse Collision Commerce Commission Communication Company Condemnation Conflict Corpses Corruption Court CPEC crash Cricket Crime crimes Culprit culture currency Custodial Death Cyber crime Death Penalty Deaths Defamation Defence Department Deportees Derailment Detention Devastation Development Development And Industry Devotees Devotion Diplomacy Diplomat disaster Displaced Dispute drug traffickers Drugs e-Rozgar Earthquake Economy Education Election Electricity Embassy Embezzlement Employment Encroachment Energy Enmity Entertainment Environment Eveteaser Excavation Execution exhibition Expert Explosion export Extremism Facility Family Famine Fashion felciation festival Fighermen Finance fire Firing flood Food Food/Agriculture food/health Footwear Foreigners Forests Fortune fraud Freight Friday Fruit Fuel FUNERAL Game Gangrape Gas Gold Governance Gulf states Hajj handicapped HANG Hate monger Health Heritage Hiousing History hobby Homes Honesty Hong Kong honour Hospital Hotel Human Rights Hunting Immigration India Indian Election Industry Information Technology Infotainment int International internationl Invention Investment journalist judgement Judiciary justice Kashmir Kickbacks KIDNAPPING kiln labour Labourers Land Scam Landslide language Law Lawyers Lay Off Legislation Leisure Lifestyle lightning Liquor literature Loan loans Local Local Govt Manifesto Marriage Martyrs Mass Grave Matrimony Media Medical Medicines Memoirs Migrants Militants Military Mines Minorities MIRACLE mis mishap mishaps Missing people Misssing Monetary Money Laundering Monument Moon Mosque Mountaineer Murder Muslims n NAB Narcotics National Nature Nuclear obituary occurred at a facility owned by the Ruiqi Daily Necessities Company. Officer Oppotunity Organisations Orphans Overseas pakistani Paliament Parents Passengers PEMRA Petroleum Pilgrims pipeline PIR Police Politician POLITICS pollution Post poverty power President Ghani’s spokesman Sediq Sediqi criticised the development and said that the meeting couldn’t help the peace process. Priest Prison prisoner prisoners Probe project Properties Proscribed prosecution Protest Punishment Railway Real Estate Redcross Refinery Refugees Release Religion relion Removal Rescue Reservoir Restrictions Reunion Revenue Riot Rivalry River Satellite Scandal Science Seafood Security Sentence Services shemales ship Shipping Shooting Showbiz Sightseeing Sikh Community Singer Slavery smoking smuggling Snakebite Social Social Media Social Welfare Soldiers South Africa Space sports Spy strike Students Suicide Suicide Attack Superstition Taxation Technology telecom Terrorism The incident Theft Tobacco Tourism Tractors Trade Trade Union Traders Traditions Tragedy Training transgender Transport Travel trekkers Typhoon Hagibis Tyranny Umra United Kingdom United Nations United States Usury Vacancies vehicle vendetaa Violation Visa War Crime water Weapons weather wedding which is under investigation Wikileaks Wild fire Wildlife woman Women Women trafficking Workers Working class Writers youth
South Punjab News : Former high-flyer tycoon brothers arrested in India
Former high-flyer tycoon brothers arrested in India
The brothers, also wrangling with each other over the lost money, were detained separately late on Thursday and charged along with three other top executives from the group.
South Punjab News
Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy