The Delhi High Court on Monday set aside the trial court order granting bail to Shivender Mohan Singh, erstwhile promoter of Religare Enterprises, in a bank fraud case pertaining to alleged misappropriation of funds at Religare Finvest Ltd (RFL).
A bench of Justice Suresh Kumar Kait while passing the judgement said that the continued detention of Shivendra Mohan Singh is necessary not only to unearth the conspiracy hatched by him, but also to trace the siphoned money which he credited for his personal benefits.
The court in order also says, in the present case, the nature and gravity of the accusation against Shivender Mohan Singh is serious. The grant of bail in a case involving cheating, criminal breach of interest by an agent of such a large magnitude of money affecting a very large number of people would have an adverse impact not only on the progress of the case but also on the trust of the criminal justice system that people repose.
"Keeping in mind the factual matrix of the present case, I have no hesitation to hold that the impugned order suffers from serious infirmities, resulting in miscarriage of justice. In view of afore-going narration, the impugned order dated March 3, 2021, passed by the learned trial court is set aside. Consequentially, the bail granted to Shivender in this FIR case by the trial court is also set aside," the Court said.
According to the Delhi Police's Economic Offences Wing investigation, accused Shivender Mohan Singh along with Malvinder Mohan Singh, Sunil Godwani, Anil Saxena and Kavi Arora have been chargesheeted under Section 409/420/120B of Indian Penal Court (IPC). Investigating Officer continued further investigation and a supplementary charge sheet has also been filed against other persons.
Former Fortis Healthcare promoters Malvinder Singh, his brother Shivinder Singh, former CMD of REL Sunil Godhwani, Kavi Arora and Anil Saxena were arrested in the case by the Economic Offences Wing (EOW) of Delhi Police in 2019, for allegedly diverting Religare Finvest Ltd's money and investing in other companies.
The EOW registered an FIR in March 2019 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 also probing and lodged a money laundering case in the matter. RFL is a group firm of REL, which was earlier promoted by Malvinder and his brother Shivinder.
( With inputs from ANI )
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