New Delhi, Sep 25 (IANS) A Delhi court on Friday dismissed the bail application of Shivinder Mohan Singh, the erstwhile promoter of Religare Enterprises Ltd (REL), in a fraud case involving an amount of Rs 2,500 crore.
Religare Finvest Ltd (RFL), a subsidiary of REL, had filed a complaint with the Economic Offences Wing (EOW) against 44-year-old Shivinder Mohan Singh and his brother Malvinder Mohan Singh for offences of cheating, breach of trust and criminal conspiracy for siphoning of public money.
Funds belonging to RFL were 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.
The EOW had registered an FIR in March on the basis of the complaint of RFL and filed a charge sheet after conducting investigation. Shivinder Singh had been arrested on October 10 last year. The EOW further alleged that the brothers siphoned off and diverted public money in a clandestine manner for their own benefit.
–IANS
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