Delhi High Court Grants Bail To Malvinder Mohan Singh In Religare Finvest Scam Case

The Delhi High Court on Friday granted bail to Malvinder Mohan Singh, erstwhile promoter of Religare Enterprises Limited, in the alleged Religare Finvest scam case amounting to Rs.2397 crores.

Justice Amit Sharma said that no possible prejudice can be caused to prosecution’s case before the trial Court if Singh is released on bail with necessary conditions, especially when other co-accused persons have been granted bail.

“Admittedly, the investigation in the present case in complete and the main chargesheet, as well as the supplementary chargesheets stand filed before the learned Trial Court. It is also an admitted case that the evidence in the present case, primarily, is documentary in nature; all material documents have been recovered and are in the custody of the prosecution. In view of the law laid down in the judicial precedents cited hereinabove and in view of the facts and circumstances of the present case, the present application is allowed,” the court said.

It was alleged that Singh, in conspiracy with Shivinder Mohan Singh and Sunil Godhwani, caused RFL to give unsecured loans to the tune of Rs. 2,397 crores on a non-arms‘ length basis and without proper documentation to various shell companies which willfully defaulted in making the repayments.

FIR 50 of 2019 was registered by the Economic Offence Wing of the Delhi Police on a complaint of Manpreet Singh Suri, authorized representative of Religare Finvest Limited, under sections 409, 420 and 120B of Indian Penal Code.

Singh was arrested on October 11, 2019 and has been in custody for more than three years.

Vide separate judgments, Justice Sharma also granted regular bail to co accused persons Sunil Naraindas Godhwani, Kavi Arora and Rajender Aggarwal.

Senior Advocate Sudhir Nandrajog and Advocate Arjun Kakkar appeared for applicant.

ASC (Criminal) Sanjeev Bhandari and Advocates Kunal Mittal and Saurabh Tanwar appeared for Delhi Police.

Title: MALVINDER MOHAN SINGH v. STATE NCT OF DELHI

Citation: 2023 LiveLaw (Del) 483

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