Religare Finvest: Delhi HC Issues Notice In Bail Plea Moved By Malvinder Singh

The Single Bench of Justice Anup Jairam Bhambani has issued notice to the Enforcement Directorate.

The court has also asked the Petitioner to submit the orders of the Supreme Court in a similar case filed by his brother and co-accused Shivinder Mohan Singh.

Singh is accused of money laundering as per the offences laid down in sections 3 and 4 of the Prevention of Money Laundering Act. He, along with his brother Malvinder Singh, and Sunil Godhwani, are accused of committing financial fraud running into 3000 crores, which is dated to the period of their ownership of Religare Finvest.

Earlier, the Delhi High Court had granted bail to Singh in a case which is being investigated by other investigating agency. However, Singh could not be released from jail due to his arrest in an ED case against him.

Both Malvinder and his younger brother Shivinder Singh were arrested by the Economic Offences Wing (EOW) of the Delhi Police last December in a case related to alleged misappropriation of funds at Religare Finvest Ltd (RFL, which was an arm of Religare Enterprises. The EOW alleged that the Singh brothers had connived with the employees of Lakshmi Vilas Bank and misappropriated two FDs of Rs 400 crore and Rs 350 crore made with the Lakshmi Vilas Bank by the complainant company.

The EOW registered a FIR in March after it received a complaint from RFL against Malvinder, Godhwani and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies.