Indian pharma brothers in the dock for embezzlement

DELHI: Indian pharma moguls, the Singh brothers, were arrested on charges of embezzlement and fraud by the economic offences wing of the Delhi police, reported BBC.

Former Ranbaxy promoters Shivinder Singh and Malvinder Singh have also been accused of cheating, criminal conspiracy, criminal breach of trust and the misappropriation of funds of over $330 million.

The arrest comes in the wake of India's vigorous crackdown on delinquent borrowers.

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Religare Finvest had filed a complaint accusing the businessmen of embezzlement.

The Singhs are also accused of siphoning money from Fortis Healthcare, a hospital chain they owned.

The accused, along with three executives, are to be presented in court on Friday.

The brothers had inherited Ranbaxy Laboratories founded by their father and were counted among the richest businessmen of India.