Manjit Singh, a former director of Indian multinational pharmaceutical company Ranbaxy Laboratories, was arrested by the Economic Offences Wing of the Delhi Police on Wednesday, 25 October, for selling his mortgaged Prithviraj Road house for Rs 245 crore, reported ANI.
According to the report, 65-year-old Singh did not inform the buyer that the house could not be sold on account of his having taken a loan for the property, which he was yet to clear.
Businessman Ashok Gupta, the buyer, had lodged a complaint on 24 June 2016 against Singh, but the latter was only arrested on 25 October, over a year after the probe began, reported The Financial Express.
When Singh refused to return the Rs 4.5-crore he had received as first installment from Gupta, the latter approached the EOW. Singh has been sent to Tihar Jail for 14 days of judicial custody by a court, reported The Financial Express.
The report also claims that Gupta had also allegedly made an initial payment of Rs 4.30 crore to Singh. Gupta lodged a complaint after Singh refused to entertain his requests for the money to be returned.
More details awaited.
(With inputs from ANI.)
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