New Delhi:

The former promoter of Fortis Healthcare, Shivinder Mohan Singh, has been granted bail in a money laundering case related to alleged fraud at Religare Finvest Limited. The firm accused Shivinder Mohan Singh and his brother Malvinder Singh of fraud and misappropriation of funds to the tune of Rs 740 crore.

The Delhi High Court has asked the investigating officer of the Enforcement Directorate to request the Bureau of Immigration to open a Lookout Circular or LOC for Shivinder Singh to prevent him from leaving the country.

The Enforcement Directorate initiated the money laundering case against them soon after a complaint was filed in December 2018. In April, Shivinder Singh and his brother Malvinder Singh, who are also ex-promoters of pharmaceutical giant Ranbaxy, were raided by the Enforcement Directorate.  

The Singh brothers had resigned as directors from the board of Fortis Healthcare in February 2018, following a court order in another case involving Japanese firm Daiichi Sankyo.

Daiichi had bought Ranbaxy – founded by Malvinder Mohan Singh – in 2008. Later, it had moved the Singapore arbitration tribunal alleging that the brothers had concealed information that Ranbaxy was facing probe by the US Food and Drug Administration and the Department of Justice, while selling its shares.

The order of the Delhi High Court had gone in favour of Daiichi. Early in
2019, the Supreme Court told the brothers that they could go to jail for disobeying orders to pay dues to Japanese firm.