Wolves ended a three-game run without a win by thumping Leeds United 3-0, the leaders stretching their cushion at the top of the Championship to six points.
Mendes represents Wolves manager Nuno Espirito Santo and a number of the club's players, while Fosun also own shares in Mendes' agency, Gestifute.
However Wolves are believed to be "entirely comfortable" that they are working within all rules and regulations set out by the league.
The EFL are expected to discuss complaints lodged by Leeds about Wolves, with Radrizzani feeling that Nuno's side are not doing things fairly.
Following that game, Leeds owner Andrea Radrizzani tweeted: "We have our own problems but we should play in a fair competition".
It is understood those concerns, and others raised separately earlier in the week, are being looked at by the EFL.
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"The club has confirmed that the undertakings given at the time remain in place and are being complied with".
Press Association Sport has asked the English Football League for comment.
"I'd be using that [Wolves] as an example to say well if you want that, buy it", Whelan said on BBC Radio Leeds.
Strong words from a potential future captain, will we see the improvement at Reading? "We compete fairly and we show when we win, we deserve it".
Of course much of the fallout has been reactionary and will calm down as the dust settles but you can feel the angst, particularly at how the squad has been assembled for this campaign.
Wolves this week released financial information for the year ending May 31, 2017.
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