The Delhi Police person registered a caller FIR against Malvinder and Shivinder Singh, charging the erstwhile promoters of Religare Enterprises with transgression conspiracy, cheating, falsification of accounts, and transgression breach of trust.
The Economic Offences Wing (EOW) of the Delhi Police filed the caller lawsuit earlier this period connected a ailment by Fortis Healthcare Ltd aft an enquiry.
As per the FIR, the Singh brothers, who were the erstwhile promoters of Fortis, person allegedly defrauded the institution of implicit Rs 400 crore, misappropriating the wealth for idiosyncratic payment and to wage backmost their loans.
"Enquiry has substantiated allegations of the complainant wherein promoters successful conspiracy with their associates indulged successful transgression breach of spot and transgression misappropriation by diverting the funds of the company," the FIR said, the Economic Times reported.
Malvinder and Shivinder Singh were shareholders, promoters and held apical managerial posts successful Fortis Healthcare Ltd. till February/March 2018.
They are presently successful situation and facing an probe by the EOW of Delhi Police and the Enforcement Directorate (ED) successful a multi-crore indebtedness scam astatine Religare Enterprises.
The Singh brothers person some earlier refuted accusations of misconduct against them.
According to the FIR, the modus operandi adopted by some of them was that "the inter-corporate deposits (ICDs) were precocious astatine the opening of each 4th for a play of 90 days and ostensibly returned by the borrower companies by the extremity of the said quarter. Hence, the aforesaid were not reported arsenic outstanding successful the equilibrium sheet."
In the pursuing quarter, the ICDs were re-issued/rolled over. The forensic enquiry uncovered galore emails, providing the circular question of the ICD amounts.
"These were unlawfully and illegally done astatine the behest of the Singh brothers, who astatine the applicable clip controlled the bulk of the shareholding successful the complainant institution and were connected its Board of Directors," the FIR read.