The Economic Offences Wing of the Delhi Police on Wednesday arrested the former director of pharmaceuticals company Ranbaxy, Manjit Singh, for selling a property that was mortgaged, ANI reported.
The Patiala House Court remanded Singh to 14 days in judicial custody. Singh told mobile manufacturer Ashok Gupta that the property, located in Lutyens’ Delhi’s Prithviraj Road, was worth Rs 254 crore.
Gupta paid him Rs 4 crore as the first instalment, and then found out that the property was mortgaged, following which he filed a complaint.
Additional Commissioner of Police of the Economic Offences Wing Suvashis Choudhary told The Indian Express that a case of cheating was lodged against Singh in June 2016. “During investigation, Singh was found to be involved in the alleged cheating case, following which we arrested him on Wednesday,” he said.
“A property that has already been mortgaged cannot be sold,” an official was quoted as saying. “When Gupta asked him to refund the money, Singh refused to do so.”
The official added that Singh was arrested after he was served several notices but did not join the investigation.