No Relief: Former Fortis, Ranbaxy Promoter Malvinder Singh Denied Bail In Money Laundering Case

The police counsel claimed that loans were disbursed to shell companies known to the promoters and the ultimate beneficiary was RHC, of which Malvinder Singh and Shivinder Singh are promoters.

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Advocate Mohit Mathur, appearing for complainant Manpreet Suri of RFL, said that he as one of the promoters of RHC had siphoned off money that came to the RHC. He had earlier told the court that he has paid back the money to the 14 entities through which he had received it.

Advocate Manu Sharma, appearing for Malvinder Singh, had said that the police "cherry picked" him because of his affiliation with the family of spiritual head of the Radha Soami Satsang, Gurinder Singh Dhillon, who allegedly conspired with other co-accused in the case in allegedly carrying out financial fraud.

Senior advocate Nidhesh Gupta, appearing for Manpreet Suri, had earlier told the court that loans were disbursed to shell companies known to the promoters and the ultimate beneficiary was RHC Holding company. He had further claimed that unsecured loans had been given to shell entities without any due diligence as they were known to the promoters.

RFL is a group firm of REL- Religare Enterprises Ltd, which was earlier promoted by Malvinder Singh and his brother Shivinder Singh.