RELIEF: Former Fortis Healthcare promoter Shivinder Singh finally gets bail in Religare money laundering case
New Delhi: In a major relief to former Fortis Healthcare promoter- Shivinder Mohan Singh; the Delhi High Court has finally granted him bail in Religare Finvest Ltd (RFL) money laundering case on furnishing a personal bond of Rs 1 crore and 2 sureties by family members of Rs 25 lakh each.
The order was pronounced by Justice Anup Jairam Bhambhani on July 23, 2020, with various other bail conditions imposed on him including that he shall not tamper with the evidence or influence witnesses, directly or indirectly.
The court also directed the investigating officer of the Enforcement Directorate (ED) to request the Bureau of Immigration to open LOC in Shivinder's name to prevent any unannounced exit from the country.
He was arrested in the money laundering case in 2019. The ED in January had filed a charge sheet against former Fortis Healthcare promoters Malvinder Mohan Singh and Shivinder as also former CMD of Religare Enterprises Limited (REL) Sunil Godhwani in the money laundering case related to alleged misappropriation of funds at RFL.
Earlier this month, on July 16, the high court had reserved its order on the bail plea after hearing arguments from the counsel for Shivinder and Enforcement Directorate (ED). The high court, which had conducted the hearing through video conferencing, on June 22 had issued notice and sought response from the ED on the bail plea.
Central government standing counsel Amit Mahajan, representing the ED, had then opposed the bail plea saying that in the case, money was diverted through a complex web of transactions, and finding the trail was not easy. He had argued that releasing Shivinder on bail would hamper the further investigation and, a trial court had refused to grant him bail after passing a very detailed order.
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, Godhwani, and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies. ED lodged a money laundering case based on this, reports PTI.