A new twist came to the Fortis promoters Singh brothers scam.On 14th March 2019, the Securities and Exchange Board of India (Sebi) ordered Religare Finvest and Religare Enterprises to recall loans worth over Rs 2,300 crore along with due interest within three months. The fund was diverted to benefit promoters Shivinder Mohan Singh, Malvinder Mohan Singh, and 21 other entities including OSPL Infradeal, Bharat Road Network, Shivi Holdings, Malav Holdings. This has been undertaken in a fraudulent manner. Religare Finvest Ltd (RFL) is a subsidiary of Religare Enterprises Ltd (REL).
It has been reported that total funds of Rs. 2,315.09 crore had been diverted from the books of RFL for the utilisation of promoters and promoter group entities of REL. Observing this, the Singh brothers have been asked not to associate themselves with the affairs of REL and RFL till further directions.