Both Malvinder and Shivinder were raided by the Enforcement Directorate in August this year. The brothers have been accused by Religare Finvest of fraud and misappropriation of funds to the tune of Rs. 740 crore.In December, a criminal complaint was filed by RFL with EoW against the Singh brothers, following which a case was filed against the brothers in May this year.Thursday's developments cap a dizzying fall from grace for the two brothers. But they have been dogged by charges of fraud, fund siphoning, bad investment decisions, court cases, and mounting personal debt over the last few years. The report by law firm Luthra and Luthra observed siphoning of funds from Fortis by the former promoters.

Source: Economic Times October 10, 2019 12:28 UTC