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Ex-Billionaire Singh Brothers Found to Have Defrauded Company

  • Markets regulator orders brothers to return $54.3 million
  • Sebi will continue to investigate alleged fraud at Fortis
Malvinder, left, and Shivinder Singh.
Malvinder, left, and Shivinder Singh.Photographer: Manoj Verma/Hindustan Times via Getty Images

India’s stock market regulator has determined the former owners of the nation’s second-largest hospital chain defrauded the company of 4 billion rupees ($54.3 million) and ordered that they return it.

The Securities and Exchange Board of India said on Wednesday it will continue to investigate the alleged fraud at Fortis Healthcare Ltd. to determine the role other parties may have played. In the meantime, it has given the founders and former majority owners Malvinder and Shivinder Singh, and their related corporate entities, three months to pay the money back. Sebi began investigating the matter in February after a Bloomberg report on the issue, according to the order.