The bail application moved by former Fortis Healthcare promoter Shivinder Mohan Singh was on Wednesday junked by a Delhi court.
Shivinder Singh had knocked on the doors of the court, seeking to be released on bail in a money laundering case related to alleged misappropriation of funds at Religare Finvest Ltd.
The court, however, dismissed the application.
The order was announced after the Enforcement Directorate averred that Shivinder Singh smuggled in his mobile phone through his driver, who was bringing food. The agency said that the accused used that mobile phone to chat with his associates.
Additional Sessions Judge Sandeep Yadav said: "When accused can indulge in such nefarious activities while being in custody, it will be reasonable to conclude that accused, if released on bail, will try to tamper with evidence and influence the witnesses."
The court further noted that Shivinder Singh utilised the proceeds of crime and various acts attributed to him regarding advancement of unsecured loans to different entities.
The judge ruled: "Economic offences having deep routed conspiracies and involving loss of public funds need to be viewed seriously and considered as grave offences affecting the economy of the country as a whole and thereby causing threat to the financial health of the country."
During the course of hearing, ED's Special Public Prosecutor Nitesh Rana opposed the bail plea asserting that Shivinder Singh could influence witnesses and granting him bail can frustrate the proceedings of attachment of the property of accused.
Besides Shivinder Singh, his brother and other accused Malvinder Singh, also a former Fortis Healthcare promoter, Religare Enterprises' former CMD Sunil Godhwani, former CEO Kavi Arora and former CFO Anil Saxena have also been arrested in the case.
Enforcement Directorate's money laundering case against the two arises out of an FIR registered by the Economic Offences Wing on a complaint by Religare Finvest.
Manpreet Suri of Religare Finvest had accused Malvinder Singh, his brother Shivinder Singh, Godhwani and others of siphoning funds and misappropriation of funds to the tune of over Rs 2,000 crore.
( With inputs from IANS )