Updated: October 9, 2021 8:45:24 am
In January 2009, just six months after the family sold its 34.8 per cent stake in Ranbaxy Laboratories to Japanese pharma major Daiichi Sankyo for around $2.4 billion, Malvinder Singh and his younger brother Shivinder Singh set up two offshore firms in the British Virgin Islands, records in the Pandora Papers investigated by The Indian Express reveal.
These records show that the two firms, Clonberg Holdings Ltd and Forthill International Ltd, own an apartment each in London. Besides, they show, Shivinder Singh mortgaged some properties of Forthill International to borrow £5.1 million from Barclays Bank.
Both Malvinder and Shivinder are in Tihar jail for two years on charges of alleged illegal diversion of funds and money laundering. Mails sent to their families did not elicit any response.
Pandora records show that Clonberg Holdings and Forthill International were registered in BVI on January 2, 2009, through Aleman, Cordero, Galindo & Lee Trust (BVI) Limited. Clonberg had issued 44.5 lakh shares, and Forthill 48.5 lakh shares as of May 2018.
🗞️ Read the best investigative journalism in India. Subscribe to The Indian Express e-Paper here.
Malvinder Singh, his wife Japna and their three daughters were shareholders of Clonberg Holdings, and Shivinder Singh, his wife Aditi and their four children were shareholders of Forthill International.
Clonberg was initially authorised to issue only 50,000 shares, which was raised several times over the years up to 44.5 lakh shares of $1 each.
In the case of Forthill, share capital was increased on several occasions up to 48.5 lakh shares. Both Clonberg and Forthill had the same set of directors.
The records show that Clonberg had one apartment in Embassy Court in London and three parking spaces in the same building. Documents peg the estimated minimum current value of these properties at £7.4 million.
Forthill had another apartment also in Embassy Court along with two storage spaces and two parking spaces in the same building. Documents estimate the minimum current value of these properties at £6.6 million.
Malvinder Singh and Shivinder Singh were arrested by the Economic Offences Wing in October 2019 for allegedly causing losses to the tune of Rs 2,397 crore to Religare Finvest Ltd, a subsidiary of Religare Enterprises Ltd (REL). The Enforcement Directorate subsequently arrested Shivinder Singh and others in a money laundering case on December 12, 2019.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.