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The Delhi High Court Friday granted bail to ex-Fortis promoter Malvinder Mohan Singh and three others in a case of alleged misappropriation of funds of Religare Finvest Ltd (RFL) lodged by the Delhi Police.
Besides Malvinder Mohan Singh, the high court also granted bail to former CMD of Religare Enterprises Ltd (REL) Sunil Godhwani, former CEO of REL Kavi Arora and Rajender Aggarwal, who was director or shareholder of certain companies to which loans were extended by RFL at the behest of its parent entity REL, which were then allegedly defaulted on.
The Economic Offences Wing (EOW) of Delhi Police had registered an FIR in March, 2019 after it received a complaint from RFL's Manpreet Suri against Shivinder Mohan Singh, Godhwani and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies.
Malvinder, his brother Shivinder Mohan Singh, also a former Fortis Healthcare promoter, Godhwani, Arora and former CFO of RFL Anil Saxena were arrested by the EOW for allegedly diverting RFL's money and investing in other companies.
The high court noted several co-accused in the case have already been granted bail in the case and added it is not the case of the prosecution that any impediment has been caused in the trial in the present case on account of bail being granted to the said co-accused persons.
Justice Amit Sharma, who passed four separate but similar judgments, said In the present case, this court is of the opinion that no possible prejudice can be caused to the case of the prosecution before the trial court if the applicant (s) is released on bail with necessary conditions, safeguarding the interests of the prosecution, especially when other co-accused persons have also been granted bail.
The high court directed that the four accused persons be released on bail on furnishing personal bonds of Rs 10 lakh each with two sureties of the like amount.
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It directed they shall not leave the country without prior permission of the trial court and shall not, directly or indirectly, tamper with evidence or try to influence the witnesses in any manner.
In case it is established that the applicant tried to tamper with the evidence, the bail granted to the applicant shall stand cancelled forthwith, the high court said.
It also said the investigation in the case is complete and the main charge sheet as well as supplementary charge sheets have already been filed before the trial court.
It is also admitted 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, and in view of the facts and circumstances of the present case, the bail applications are allowed, the high court said.
While Malvinder was arrested in the case on October 11, 2019, Arora and Godhwani were arrested on October 10, 2019 and Aggarwal on December 7, 2020.
An Enforcement Case Information Report (ECIR) was registered by the ED on September 24, 2019 against Malvinder for alleged offences punishable under the Prevention of Money Laundering Act in connection with the scheduled offences of cheating and criminal conspiracy under the IPC.
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