HC grants bail to former Religare promoter Shivinder Mohan Singh in Money Laundering Case

On Thursday, the High Court of Delhi granted bail to Ex-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 & two sureties of 25 lakh each by his family members.

The Court also ordered Singh to surrender his passport & not leave the country without the prior permission of the court.

Other conditions imposed by the HC 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.

On July 16, the HC 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 Directorate has already filed its prosecution complaint in the case & 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, Ex-Fortis Healthcare promoter Malvinder Mohan Singh & 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.

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