Delhi High Court grants bail to Malvinder Mohan Singh, former promoter of Religare, in money embezzlement case

The High Court of Delhi has granted regular bail to former promoter of Religare Enterprises Limited (REL) Malvinder Mohan Singh and three others in a case related to alleged embezzlement of funds of the Religare Finvest Ltd (RFL) amounting to Rs 2397 crore.

The Economic Offences Wing of the Delhi Police had lodged an FIR against Malvinder and others, alleging that he conspired with Shivinder Mohan Singh and then Chairman-cum-MD of REL Sunil Godhwani to sanction through RFL unsecured loans to the tune of Rs 2,397 crore on a ‘non-arm’s length basis’ and without proper documentation to shell companies related to them and these entities, which willfully defaulted in making the repayments.

The Single-Judge Bench of Justice Amit Sharma on Friday granted bail to Malvinder Singh and three others on a personal bond of Rs 10 lakh each with two sureties of the like amount, subject to certain conditions.

The High Court also granted bail to Godhwani, another former Managing Director and Chief Executive Officer of RFL Kavi Arora and one Rajender Aggarwal. 

It directed the applicants not to leave India without the prior permission of the trial court.

The accused were further told to give their mobile numbers to the concerned Investigating Officer and keep them operational at all times.

The High Court noted that no possible prejudice could be caused to the prosecution’s case before the trial court if Singh was released on bail with necessary conditions, especially when other co-accused persons have been granted bail.

The Single-Judge Bench further noted the fact that investigation in the present case was complete and the main charge sheet, as well as the supplementary charge sheets, have been filed before the Trial Court. 

It said the evidence in the present case, primarily, was documentary in nature, adding that all material documents had been recovered and were in the custody of the prosecution. 

The High Court said that in view of the law laid down in the judicial precedents and in view of the facts and circumstances of the present case, it was allowing the present bail application.