Former Ranbaxy Director arrested for selling mortgage property

New Delhi: The Economic Offences Wing of the Delhi Police arrested a 65-year-old man for allegedly trying to sell a property mortgaged to a bank, the police said.

The accused related to a family that owns a prominent pharmaceutical company, they said.

Bhai Manjit Singh, reportedly a former director of Ranbaxy was arrested and was sent to 14 days judicial custody by a court, the police said.

A case was registered on June 24 last year against Singh for allegedly trying to sell his property located at Prithviraj Road in Lutyens Delhi even though it was mortgaged with the bank, the police said.

Singh struck a deal for selling the property at Rs 245 crore to businessman Ashok Gupta. An initial payment of Rs 4.30 crore was also made to Singh, they said.

However, when Gupta learned that the property was mortgaged, he asked Singh to return the money, the police said.

Singh did not entertain Gupta, who filed a police complaint, and after a year-long probe, he was arrested, the police said.