In a bail plea moved by Religare Finvest’s ex-promoter Malvinder Mohan Singh, Delhi High Court has issued notice.
Justice Anup Jairam Bhambani has issued notice to the Enforcement Directorate.
The Court has also directed the petitioner to submit the orders of the Supreme Court in the similar case filed by his brother and co-accused Shivinder Mohan Singh.
As per the offences laid down in sections 3 and 4 of the Prevention of Money Laundering Act, Singh is accused of money laundering. Accused of committing financial fraud running into 3000 crores by him along with his brother Malvinder Singh, and Sunil Godhwani, which dated to the period of their ownership of Religare Finvest
Bail to Singh in a case which is being investigated by other investigating agency was granted by the Delhi High Court earlier. Singh could not be released from jail due to his arrest in an ED case against him.
Last December in a case related to alleged misappropriation of funds at Religare Finvest Ltd (RFL, which was an arm of Religare Enterprises). Both Malvinder and his younger brother Shivinder Singh were arrested by the Economic Offences Wing (EOW) of the Delhi Police.
The EOW alleged that the Singh brothers had connived with the employees of Lakshmi Vilas Bank and misappropriated two FDs of Rs 400 crore and Rs 350 crore made with the Lakshmi Vilas Bank by the complainant company.
An FIR in March was registered by EOW after it received a complaint from RFL against Malvinder, Godhwani, and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies.
