Lawstreet Journal

Delhi HC Seeks ED’s Response on Shivinder Singh’s Bail Plea

Lawstreet Journal 24 Jun 2020 5:29pm

Image courtesy: Lawstreet Journal Judiciary Delhi HC Seeks ED’s Response on Shivinder Singh’s Bail Plea

On 22 June 2020, the Delhi High Court sought Enforcement Directorate’s response regarding a bail plea filed by the ex-promoter of Fortis Healthcare who has been charged with offenses related to money laundering. The case relates to the alleged misappropriation of funds at Religare Finvest Limited (RFL).

A single-judge bench of Justice Anil J Bhambhani took up the matter via video conferencing. It issued a notice to the ED asking it to file a status report regarding the matter and granted it time for the same.

On 18 June 2020, a trial court had dismissed Shivinder’s bail plea on the ground that the accused has utilized the proceeds of crime and that various acts attributed to him regarding the advancement of unsecured loans to different entities have also come to the light during the investigation. The trial court also observed that the total amount involved in this case is around Rs 2,397 crore.

Shivinder was arrested in a case of alleged money laundering under the Prevention of Money Laundering Act (PMLA) in 2019. The case arose out of an FIR filed by the Economic Offences Wing (EOW) of the Delhi Police on a complaint by RFL. In January, the Enforcement Directorate had filed a charge sheet against Malvinder Mohan Singha and Shivinder Singh, ex- promoters of Fortis Healthcare, along with former Chief Managing Director of Religare Enterprises Limited (REL) Sunil Godhwani. RFL had accused the two brothers, Shivinder and Malvinder, of siphoning off funds and diverting loans extended by RFL.

Senior advocate N Hariharan… Continue Reading...

Tagged: Fortis   fortis promoters  
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