NEW DELHI:
The Saket District Court today dismissed the bail application of Shivinder Mohan Singh, the erstwhile promoter of Religare Enterprises Ltd. (REL), in a fraud case involving an amount of Rs 2,500 crores.
Religare Finvest Ltd. (RFL), a subsidiary of REL, had filed a complaint with the Economic Offences Wing (EOW) against Shivinder Mohan Singh (44) and his brother Malvinder Mohan Singh (46) for offences of cheating, breach of trust and criminal conspiracy for siphoning of public money amounting to Rs. 2,500 crores.
Funds belonging to RFL were transferred to RHC Holding Pvt. Ltd. (an entity owned and controlled by the Singh brothers) clandestinely through shell entities.
Sandeep Das (Advocate) represented RFL in the bail application.
The EOW had registered an FIR in March on the basis of the complaint of RFL and filed a charge-sheet after conducting an investigation. Shivinder had been arrested on October 10 last year. The EOW further alleged that Malvinder and Shivinder siphoned off and diverted public money in a clandestine manner for their own benefit.
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