The Delhi High Court today issued notice in Religare promoter, Shivinder Mohan Singh's regular bail plea in Religare Finvest money laundering case. (Shivinder Mohan Singh vs Directorate of Enforcement).A single judge Bench of Justice Anup Jairam Bhambhani issued notice to the Enforcement Directorate and granted it time to file its status report. .The Enforcement Directorate’s money laundering case against Shivinder Singh, his brother Malvinder Singh and others arises out of an FIR registered by the Economic Offences Wing of the Delhi Police on a complaint by Religare Finvest (RFL)..Religare Finvest had accused the two brothers of siphoning off funds and diverting loans extended by RFL..Shivinder Singh was arrested by the Enforcement Directorate (ED) on December 12, 2019 and was remanded to 14 days' custody. Thereafter, he was sent to judicial custody. . Appearing for Shivinder Singh, Senior Advocate N Hariharan submitted that since the ED has filed its prosecution complaint/chargesheet in the case, no purpose would be achieved by the continued incarceration of his client. .Seeking bail for Shivinder, Senior Advocate Hariharan argued that all the evidence in the case was documentary in nature and there were no allegations of evidence tampering against him. .He further claimed that the period in question was from 2008 to 2016 and out of the alleged misappropriated amount of Rs 2,300 crore, ED had filed its chargesheet only with respect to Rs 300 crore. .Remarking that there was still "ambiguity" with regards the remaining Rs 2,000 crore, Senior Advocate Hariharan contended that judicial custody of Shivinder could not go on endlessly on the presumption that the investigation would end with an adverse finding..Inter alia, it was also pointed out that one of the accused in the Delhi Police case i.e. Anil Saxena was recently released in bail by the High Court. .Delhi HC grants bail to Religare Group CFO Anil Saxena in Religare Finvest case.After hearing the counsel for Shivinder, Justice Bhambhami asked the Enforcement Directorate, .What are you going to achieve by keeping him in judicial custody? How is it helpful to you..?.In response, Standing Counsel Amit Mahajan stated that in the present case, money was diverted through a complex web of transactions and finding the trail was not easy. .Mahajan stated that releasing Shivinder on bail would hamper further investigation and recently, the Trial Court had refused to grant bail to Shivinder after passing a very detailed order. .He then sought time to file a detailed reply to the bail application. .Allowing the request, the Court adjourned hearing in the bail application till July 2.
