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Religare Finvest wants Shivinder Singh's bail be quashed

The Enforcement agency, in November had arrested Shivinder, his elder brother Malvinder and former people in top management of REL over charges of misappropriation of funds in Religare Finvest. They are facing charges of cheating, criminal conspiracy and criminal breach of trust.

, ET Bureau|
Last Updated: Dec 05, 2019, 09.58 AM IST|Original: Dec 05, 2019, 09.58 AM IST
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Opposing the contention, EOW’s counsel said that Shabnam Dhillon was godmother for every follower and presence of accused is not required.
Religare Finvest, the lending arm of Religare Enterprises Ltd has sought that the order granting bail to its erstwhile promoter Shivinder Singh, be quashed. The matter is listed for today in the Delhi High court. The court had on Dec 3 granted bail for a week to Singh to attend funeral and last rites of Shabnam Dhillon, wife of Radha Soami Satsang Beas (RSSB) chief Gurinder Dhillon.

RFL has filed an application seeking to quash his bail, in view of the “magnitude of the offence”, sources told ET.

The Enforcement agency, in November had arrested Shivinder, his elder brother Malvinder and former people in top management of REL over charges of misappropriation of funds in Religare Finvest. They are facing charges of cheating, criminal conspiracy and criminal breach of trust.

Delhi Police’s Economic Offences Wing (EOW) claims that they have identified the trail of Rs 1,260 crore of loans allegedly misappropriated by Singh and other co-accused and that it still needed to establish where the rest of the money had gone.

Shivinder’s interim bail plea was also opposed by the Economic Offences Wing (EOW) which stated that the allegations against Shivinder are “very serious in nature”. The Court, however, had granted him interim bail on “humanitarian grounds” after Shivinder in his plea described Shabnam Dhillon as his “godmother”, and that her sudden demise left him and his family "devastated".

Opposing the contention, EOW’s counsel said that Shabnam Dhillon was godmother for every follower and presence of accused is not required.

He added that an amount of Rs 2397 crores is involved in the instant case. The counsel added “last rites of Shabnam Dhillon is to be performed in Punjab and interim bail be not granted to Shivinder to travel outside Delhi”.

Permitting Shivinder’s plea, the Court held that “without going into the merits of the case and only on humanitarian grounds”, Shivinder is granted interim bail with the condition that he will “not hamper the investigation in any manner”.

Shivinder was earlier denied regular bail by a local Court last month.
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