Finance

SFIO uncovers additional Rs 2,000 crore funds diversion in Fortis case, says report

Updated : February 19, 2019 09:05 AM IST

Sebi also suspects that total size of the fraud could be much higher than the Rs 403 crore it originally estimated, people aware of the development told Mint.

Sebi in December 2018 directed Fortis Healthcare and Fortis Hospitals to take necessary steps to recover Rs 403 crore, along with interest, from Shivinder Mohan Singh, Malvinder Mohan Singh and seven other entities

An investigation by the Serious Fraud Investigation Office (SFIO) uncovered more than Rs 2,000 crore of additional funds diversion in the Fortis Healthcare case, reported Mint, citing a government official. The Securities and Exchange Board of India (Sebi) also suspects that the total size of the fraud could be much higher than the Rs 403 crore originally estimated, people aware of the development told Mint.

Gurinder Singh Dhillon, head of Radha Soami Satsang Beas, and Sanjay Godhwani, a former associate of Malvinder and Shivinder Singh, are key suspects in the alleged fund diversion case, added the report, citing a government official aware of the matter.

A report filed by Malvinder Singh with the Economics Offences Wing in Delhi and SFIO reveals a series of illegal transactions between RHC Holding Pvt. Ltd, the holding company promoted by brothers Malvinder and Shivinder Singh, wherein RHC extended loans worth Rs 5,482 crore to Dhillon family members, their associates or entities controlled by them, the report added.