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

The Delhi Police has filed another case against Malvinder and Shivinder Singh, the erstwhile promoters of , charging them with criminal breach of trust, cheating, falsification of accounts and criminal conspiracy.

The Economic Offences Wing (EOW) of the Delhi Police registered the fresh First Information Report earlier this month on a complaint by

Healthcare following an enquiry.

According to the FIR, Malvinder and Shivinder Singh, the former promoters of Fortis, have allegedly duped the company of over ₹crore, siphoning off the money for personal gain and to pay off their loans. “Enquiry has substantiated allegations of the complainant wherein promoters in conspiracy with their associates indulged in criminal breach of trust and criminal misappropriation by diverting the funds of the company,” the FIR says.

ET has reviewed a copy of the FIR.

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

They are currently behind bars and facing a probe by the EOW of Delhi Police and the Directorate of Enforcement (ED) in a multi-crore loan fraud at Religare Enterprises. Both Malvinder and Shivinder have previously denied allegations of wrongdoing(s) against them.

The FIR says the method of operations adopted by the Singh brothers was that “the inter-corporate deposits (ICDs) were advanced in the beginning of each quarter for a period of 90 days and ostensibly returned by the borrower companies by the end of the said quarter. Hence the same were not reported as outstanding in the balance sheet.”

In the next quarter, the ICDs were re-issued/rolled over. The forensic inquiry discovered several emails, proving the circular movement of the ICD amounts. “These were unlawfully and illegally done at the behest of the Singh brothers, who at the relevant time controlled the majority of the shareholding in the complainant company and were on its Board of Directors,” according to the FIR.

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