A Delhi court on Friday dismissed the bail application of Shivinder Mohan Singh, the erstwhile promoter of Religare Enterprises Ltd (REL), in an alleged fraud case involving an amount of Rs 2,500 crore.
His first bail application in this case was dismissed in December 2019.
"Considering the seriousness and gravity of allegations, particularly the magnitude of amount involved, besides the possibility of accused tampering with evidence and influencing witnesses, it is concluded that accused is not entitled to bail," Additional Sessions Judge Sandeep Yadav stated in the order.
The judge said that the possibility of witnesses being influenced by the accused cannot be ruled out. "The fact that the accused managed to smuggle a phone during his ED custody speaks volume about his conduct and intention."
The Additional Sessions Judge further said that if the accused can indulge in nefarious activities while being in custody, it is reasonable to conclude that if accused is released on bail, he will try to tamper with evidence and influence witnesses.
In March 2019, the Delhi Police's Economic Offences Wing had registered an FIR against him, his brother Malvinder Mohan Singh, Sunil Godwani, Narender Ghosal and others on the complaint of Religare Finvest Ltd for offences of cheating, breach of trust and criminal conspiracy for siphoning of public money.
Funds belonging to RFL were allegedly transferred to RHC Holding Private Ltd, an entity owned and controlled by the Singh brothers, clandestinely through shell entities. Advocate Sandeep Das represented RFL in the matter.
Shivinder Singh had been arrested on October 10 last year. The EOW further alleged that the Singh brothers siphoned off and diverted public money in a clandestine manner for their own benefit.
After the conclusion of investigation, a charge sheet was filed on January 6, 2020 in which Shivinder Singh and other accused were charge sheeted for criminal breach of trust, cheating and criminal conspiracy. Cognisance of offence was taken by the Chief Metropolitan Magistrate on January 15 this year.