Delhi HC grants bail to former Religare promoter Shivinder Mohan Singh in money laundering case
Jul 23, 2020
New Delhi [India], July 23 : The Delhi High Court on Thursday granted bail to former Religare promoter Shivinder Mohan Singh in connection with a money laundering case related to alleged fraud in the Religare Finvest Ltd (RFL).
A bench of Justice Anup Jairam Bhambhani granted bail to Singh on him furnishing a personal bond of Rs 1 crore and two sureties of 25 lakh each by his family members.
The High Court also directed Singh to surrender his passport and not leave the country without the prior permission of the court.
Other conditions imposed by the court include providing a contact number to the investigation officer, cooperate in the investigation, not tamper with the evidence, not contact or engage directly with the officials of the financial institutions or banks involved in the case.
The High Court had on July 16 reserved its order on Shivinder Mohan Singh's bail plea in the matter, which was opposed by the Enforcement Directorate (ED).
Even though he was granted bail, Shivinder will not walk out of the jail as he has also been booked in an alleged fraud case by the Economic Offences Wing.
During the hearing, Singh's counsel advocate N Hariharan had submitted that the ED has already filed its prosecution complaint in the case and therefore no purpose would be served by keeping his client in further custody.
He had also submitted that the evidence in the case was documentary in nature.
On the other hand, the counsel appearing for the economic offences watchdog had submitted that granting bail to Singh would hamper the probe in the matter.
The ED had, in January, filed a charge sheet against Shivinder Mohan Singh, former Fortis Healthcare promoter Malvinder Mohan Singh and former Religare CMD Sunil Godhwani in a money laundering case related to alleged misappropriation of funds at Religare Finvest Limited (RFL).
The directorate had told the court that there is enough evidence to initiate proceedings against the three accused under the charges of the Prevention of Money Laundering Act (PMLA). All other accused in the matter are undergoing judicial custody in the matter.
