Delhi Police files fresh FIR against Malvinder and Shivinder for Rs 400 crore ‘fraud’

Delhi Police have filed another case against Malvinder and Shivinder Singh, the first promoters, accusing them of breach of trust, fraud, account tampering, and criminal conspiracy.

Newly registered Economic Offensive Wing (EOW) of Delhi Police First informational report earlier this month about a complaint by

Health care after an investigation.

According to the FIR, Malvinder and Shivinder Singh, who once promoted Fortis, were accused of defrauding the company excessively, extorting money for their personal gain and to repay their loans. The FIR said: “The investigation substantiated the complainant’s allegations, in which those who promoted the conspiracy with their associates committed a breach of trust and criminal misappropriation by transferring corporate funds,” the FIR said.

ET reviewed a copy of the FIR.

The Singh brothers were promoters, shareholders and held top management positions in Fortis Healthcare until February/March 2018.

They are currently behind bars and facing investigation by Delhi’s EOW Police and General Department of Enforcement (ED) in a multimedia loan fraud case at Religious Enterprises. Both Malvinder and Shivinder have previously denied the allegation(s) of misconduct against them.

The FIR says the operating method adopted by the Singh brothers is that “inter-company deposits (ICDs) are advanced at the beginning of each quarter for a period of 90 days and are paid back in a timely manner by the borrower companies. clear at the end of the said period. a quarter. Therefore, similar items are not reported as outstanding in the balance sheet. ”

In the following quarter, the ICDs were reissued/transferred. The forensic investigation uncovered several emails, demonstrating the circular motion of ICD quantity. “These were done illegally and illegally at the behest of the Singh brothers, who at the time concerned controlled a majority stake in the company in question and were on the Board of Directors. its value,” according to the FIR. | Delhi Police files fresh FIR against Malvinder and Shivinder for Rs 400 crore ‘fraud’


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