• Politics
  • Business
  • World
  • Science
  • Startup
  • Health
  • Travel
  • Economy
  • Top Story
Aryavarth News
  • Home
  • Politics
  • City News
  • Top Story
  • Editorial
Saturday, March 25, 2023
No Result
View All Result
Aryavarth News
No Result
View All Result

Delhi HC hearing on Malvinder’s bail plea adjourned to Nov 26

Delhi HC hearing on Malvinder's bail plea adjourned to Nov 26
2.3k
VIEWS
Share on WhatsappShare on FacebookShare on TwitterShare on Telegram

New Delhi,(Aryavarth) The Delhi High Court on Tuesday adjourned hearing on the bail plea of former Religare promoter Malvinder Singh in a money laundering case related to alleged misappropriation of funds at Religare Finvest Ltd (RFL).

The matter was posted for further hearing on November 26 as Justice Anup Jairam Bhambani, who is hearing the matter, did not hold court on Tuesday.

RelatedPosts

No Content Available

The court had on November 6 decided to hear detailed arguments while refusing to issue formal notice at this stage.

The government financial watchdogs are represented by advocate Nitesh Rana while advocates Abhinav Mukherjee and Manu Sharma represent Malvinder Singh in the High Court.

Malvinder is in judicial custody in a case related to alleged siphoning of Rs 2,397 crore.

A Saket court had in August dismissed his bail plea and noted that “investigation in this case concluded that various companies whose directors or office-bearers were persons related to or associated with the accused were granted loans by RFL on the instructions of accused Malvinder Mohan Singh.

“It is therefore, obvious that allegations against Malvinder Mohan Singh have been substantiated by cogent evidence collected during investigation. It has been found during investigation that entities either owned or associated with accused Malvinder were involved in systematic placement/layering acquisition and projection of proceed of crime as untainted over long period.

The trial court while dismissed his bail had said that keeping in view the severity of the offence and magnitude of amount involved, there was possibility of influencing of witnesses by the accused.

Former Fortis Healthcare promoters Malvinder Singh, his brother Shivinder Singh, former REL CMD Sunil Godhwani, Kavi Arora and Anil Saxena were arrested in the case by the Economic Offences Wing (EOW) of Delhi Police last year, for allegedly diverting Religare Finvest Ltd’s money and investing in other companies.

The EOW registered an FIR in March last year on a complaint from RFL’s Manpreet Suri against Shivinder, Godhwani and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies.

The ED is also probing a money laundering case in the matter.

After the EOW FIR, the Enforcement Directorate swung into action as Sections 420/120-B of the IPC mentioned in FIR number 50/19 are scheduled offences and accordingly recorded a case on July 24, 2019 to investigate the offense of money laundering under Section 3 of the Act.

During ED investigation, Malvinder was arrested on November 15, 2019. Other accused persons were also arrested and voluminous evidence collected in the case.

Tags: Ranbaxy
SendShare216Tweet135Share

Related Posts

No Content Available
Aryavarth News

Copyright © 2022 Aryavarth Publication Pvt Ltd.

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Follow Us

No Result
View All Result
  • Politics
  • Business
  • World
  • Science
  • Startup
  • Health
  • Travel
  • Economy
  • Top Story

Copyright © 2022 Aryavarth Publication Pvt Ltd.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.