A Delhi court on Wednesday rejected the bail plea of former Fortis Healthcare promoter Shivinder Singh in Religare Finvest case lodged by the Delhi Police's Economic Offences Wing. Additional Sessions Judge Gulshan Kumar dismissed the plea saying that there was every likelihood of Singh fleeing from justice and hampering the trial.
"In the present matter, undoubtedly a huge amount of Rs 2,400 crore has been involved. Accused (Shivinder) in connivance with other co-accused persons disbursed the loans to the entities having no financial standing. The investigation in the present case is at a crucial stage and custodial interrogation is still required in the present matter and there is possibility of accused influencing the witnesses or tampering with evidence," Justice Kumar said in his order.
"Hence, keeping in view the facts of the matter, considering the seriousness and gravity of the offences, there being every likelihood of the accused Shivinder Singh fleeing from justice or hammering the trial, I find it expedient in the interest of Justice, not to enlarge him on bail," the Judge said.
Former Religare Enterprises promoter Shivinder Singh was arrested by the Delhi Police's Economic Offences (EOW) in October and is lodged in Tihar jail under judicial custody in a case related to alleged misappropriation of funds at Religare Finvest Ltd (RFL). RFL is a group firm of Religare Enterprises Ltd (REL).
Singh's brother Malvinder, also a former Fortis Healthcare promoter, former Religare CMD Sunil Godhwani, Kavi Arora and Anil Saxena were arrested by the Economic Offences Wing (EOW) of Delhi Police for allegedly diverting RFL's money and investing in other companies.
The complaint alleged that the accused had taken loans while managing Religare Finvest, but had invested these funds in other companies.
The EOW had registered an FIR in March 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.
Edited by Chitranjan Kumar