News of Singh bros siphoning money sparks SFIO probe on Fortis, Religare

Rediff.com, Feb 19, 2018

The Serious Fraud Investigation Office (SFIO) will initiate a probe into alleged financial irregularities at Fortis Healthcare and Religare Enterprises, according to a senior official.
The corporate affairs ministry has been looking into the affairs of Fortis Healthcare and Religare Enterprises after recent reports that financial irregularities have emerged at the two companies.
A senior ministry official said an SFIO probe has been ordered against the two companies.
The latest development comes against the backdrop of reports that the Fortis Healthcare's promoters - Malvinder Singh and Shivinder Singh - took at least USD 78 million out of the company without any board approval about a year ago.
The SFIO, under the ministry, mainly probes white collar crimes. Fortis Healthcare has also come under the lens of Sebi, which launched an investigation into alleged regulatory lapses.
On Saturday, Fortis informed the exchanges that Sebi, which has instituted an investigation, has sought information and documents by February 26.
Sebi chairman Ajay Tyagi, on February 10 said that the regulator was examining the Fortis issue.
"We also received a reference on Religare from somewhere I cannot disclose and it will be looked into," he had said.

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