Singh brothers booked again, this time in cheating case

New Delhi: Malvinder Mohan Singh and Shivinder Mohan Singh, ex-promoters of Religare Enterprises Ltd (REL) have been booked yet again –this time in a cheating case based on a complaint of Fortis Healthcare Limited. As per the EOW, they have received multiple complaints against the Singh brothers.

The complainant in the case told police that the Singh Brothers were promoters/shareholders and holding top managerial positions in the complainant company until February, March 2018.

Malvinder Mohan Singh was appointed as a whole-time director of the complainant company. Similarly, Shivinder Mohan Singh was appointed as executive vice-chairman of the complainant company. The brothers resigned (through email) from their respective positions in the company on February 8, 2018. "During their respective tenure as majority shareholders, promoters as well as employees of the complainant company, Singh brothers misused their respective positions," the complaint reads.

The complainant told police that the Singh brothers caused a wrongful loss of Rs 7.98 crores to Escorts Heart Institute and Research Centre Limited (EHIRCL).

Additional Commissioner of Police (EOW) RK Singh said they have registered a case in this regard." Multiple FIRs are registered against them of cheating and fraud," he added.

Last year, the EOW had said Religare Finvest Ltd (RFL) filed complaint against Malvinder Mohan Singh,Shivinder Mohan Singh, one Sunil Godhwani and others holding key managerial posts that the alleged persons having absolute control on Religare Enterprises Limited (REL) and its subsidiaries put Religare Finvest Limited (RFL) in poor financial condition by way of disbursing the loans to the companies having no financial standings.

These companies willfully defaulted in repayments and caused wrongful loss to RFL to the tune of Rs 2,397 crore. "This was also pointed out and flagged during their independent audit by RBI and SEBI," one official said.

In 2019, ED had arrested one of the brothers and former CMD of Religare Enterprises Ltd (REL) Sunil Godhwani in a money-laundering case related to alleged misappropriation of funds of Religare Finvest Ltd (RFL).

According to the ED, both the accused, along with others, transferred an amount of approximately Rs 1,000 crore to various persons from entities linked to the corporate loan book and finally, the money was siphoned off.