Delhi HC adjourns hearing on bail plea of ex-Religare promotor in money laundering case
Nov 17, 2020
New Delhi [India], November 17 : The Delhi High Court on Tuesday adjourned the hearing for November 26 on the bail plea of ex-Religare promotor Malvinder Singh in a money laundering case related to alleged misappropriation of funds at Religare Finvest Ltd (RFL).
The matter was deferred as the concerned bench of Justice Anup Jairam Bhambhani did not assemble today.
While hearing the bail plea on November 6, the High Court decided to hear the detailed argument without issued the formal notice in the matter.
Advocate Nitesh Rana represented the Enforcement Directorate (ED). While Advocates Abhinav Mukherjee and Manu Sharma represented Malvinder Singh in the High Court.
Malvinder Singh is currently in judicial custody in a case related to the alleged siphoning of Rs 2,397 crore.
In August, Delhi's Saket Court had dismissed Malvinder Singh's bail plea of him and noted that "investigation conducted in this case concluded that various companies whose directors or office bearers were persons related to or associated with accused were granted loans by RFL on the instructions of accused Malvinder Mohan Singh."
"It is therefore, obvious that allegations against accused Malvinder Mohan Singh have been substantiated by cogent evidence collected during the investigation. It has been found during investigation that entities either owned or associated with accused Malvinder Mohan Singh were involved in systematic placement/layering acquisition and projection of proceed of crime as untainted over long period," the court said in the order.
While dismissing his bail, the trial court judge denied bail to Malvinder Singh stating that there is a possibility of witnesses being influenced by the accused keeping in view the severity of offence and magnitude of the amount involved.
Former Fortis Healthcare promoters Malvinder Singh, his brother Shivinder Singh, former CMD of REL Sunil Godhwani, Kavi Arora and Anil Saxena were arrested in the case by the Economic Offences Wing (EOW) of Delhi Police last year, for allegedly diverting Religare Finvest Ltd's money and investing in other companies.
The EOW registered an FIR in March last year after it received a complaint from RFL's Manpreet Suri against Shivinder, Godhwani, and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies.
The ED is also probing and lodged a money laundering case in the matter.
