Religare Finvest Scam: Delhi HC Grants Bail To Malvinder Mohan Singh

The Delhi High Court recently granted bail to Malvinder Mohan Singh, the former promoter of Religare Enterprises Limited, in the Rs.2397 crore Religare Finvest scam case.

A single bench of Justice Amit Sharma stated that releasing Singh on bail with appropriate conditions would not cause any potential harm to the prosecution’s case in front of the trial court, particularly considering that bail has already been granted to other co-accused individuals.

“Admittedly, the investigation in the present case in complete and the main chargesheet, as well as the supplementary chargesheets stand filed before the learned Trial Court. It is also an admitted case 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. In view of the law laid down in the judicial precedents cited hereinabove and in view of the facts and circumstances of the present case, the present application is allowed,” the bench noted.

Allegedly, Malvinder Mohan Singh, along with Shivinder Mohan Singh and Sunil Godhwani, conspired to cause Religare Finvest Limited (RFL) to provide unsecured loans amounting to Rs. 2,397 crores to various shell companies. These loans were granted on a non-arms’ length basis and lacked proper documentation, leading to intentional defaults in repayment.

An FIR (FIR 50 of 2019) was registered by the Economic Offence Wing of the Delhi Police based on a complaint filed by Manpreet Singh Suri, the authorized representative of Religare Finvest Limited. The sections under which the FIR was filed include 409, 420, and 120B of the Indian Penal Code.

Malvinder Mohan Singh was arrested on October 11, 2019, and has been in custody for over three years. Additionally, Justice Sharma, in separate judgments, also granted regular bail to co-accused individuals Sunil Naraindas Godhwani, Kavi Arora, and Rajender Aggarwal.