Religare Finvest: Delhi HC Grants Bail To Shivinder Mohan Singh

The Single Bench of Justice Anup Jairam Bhambhani has directed Shivinder Mohan Singh to furnish a personal bond of ₹1 crore and two sureties of ₹25 lacs each.

In addition to this, Singh has also been directed to surrender his passport.

Shivinder Mohan 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 trial court had rejected Singh's bail plea after taking into consideration the allegations of utilising the proceeds of crime and also of advancing unsecured loans to different entities.

Senior Advocate Hariharan, who appeared for Singh had argued that the bail should be granted to the Petitioner that the evidence in the present case has already been recorded and there is nothing on the record that warrants further incarceration.

Enforcement Directorate, on the other hand, had opposed the bail plea on the ground that there's a possibility of the accused tampering with the evidence, he poses a flight risk, and that he can influence the witnesses.