The Delhi High Court has recently granted regular bail to Malvinder Mohan Singh, the former promoter of Religare Enterprises Limited (REL), along with three others in a case involving alleged embezzlement of funds from Religare Finvest Ltd (RFL), amounting to Rs 2397 crore.
The bail was given after the Economic Offences Wing of the Delhi Police filed an FIR against Malvinder and others, accusing them of conspiring with Shivinder Mohan Singh and then Chairman-cum-MD of REL, Sunil Godhwani. The allegations claimed that they had sanctioned unsecured loans worth Rs 2,397 crore through RFL to shell companies linked to them, without proper documentation and on a ‘non-arm’s length basis’. These entities deliberately defaulted on loan repayments.
Justice Amit Sharma, presiding over a Single-Judge Bench, granted bail to Malvinder Singh and three others on a personal bond of Rs 10 lakh each, along with two sureties of the same amount. However, the bail is subject to specific conditions.
In addition, the High Court also granted bail to Godhwani, the former Managing Director and Chief Executive Officer of RFL, Kavi Arora, and Rajender Aggarwal. The court directed all the applicants not to leave India without prior permission from the trial court.
Furthermore, the accused individuals were instructed to provide their mobile numbers to the Investigating Officer and ensure their phones remain operational at all times.
The High Court determined that the prosecution’s case before the trial court would not suffer any possible prejudice if Malvinder Singh was released on bail, given the necessary conditions, particularly when other co-accused individuals have already been granted bail.
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