A Delhi court on Friday granted bail to the erstwhile promoter of Religare Enterprises Ltd (REL) Malvinder Mohan Singh in an alleged bank fraud case. The court allowed him bail on fulfilling certain conditions.
However, he will remain in Tihar jail, where he is currently lodged, for two other cases filed by the Enforcement Directorate (ED) and Economic Offences Wing (EOW).
Appearing on behalf of Malvinder, Advocate Manu Sharma argued that Malvinder's brother Shivinder Mohan Singh had already been given bail in the same case earlier this month. He further contended that the alleged role of Malvinder was the same as that of Shivinder.
He also debated that the court should retain judicial uniformity in such a matter. Following the advocate's contentions presented before it, the court granted bail to Malvinder but instructed the investigating officer to issue a request to the Bureau of Immigration, Ministry of Home Affairs to immediately open Look Out Circular (LoC) in Malvinder's name in order to keep him from leaving the country without the permission of trial court.
The ED had in January this year filed a charge sheet against former Fortis Healthcare promoters Malvinder Mohan Singh, Shivinder Singh, and others in a money laundering case related to the alleged misappropriation of funds at RFL. RFL is a group firm of REL - Religare Enterprises Ltd - which was earlier promoted by Malvinder Singh and his brother Shivinder Singh.
The EOW registered an FIR in March last year after it received a complaint from RFL's Manpreet Suri against Shivinder, Malvinder, Godhwani, former CEO of REL Kavi Arora and former CFO of RFL Anil Saxena and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies.
The ED lodged a money laundering case based on this.