Ex-Fortis Healthcare promoter Shivinder's bail plea rejected

New Delhi: A Delhi court Thursday dismissed the bail plea of former Fortis Healthcare promoter Shivinder Singh in a case related to alleged misappropriation of funds at Religare Finvest Ltd (RFL).

Additional Sessions Judge Gulshan Kumar said there was every likelihood of Singh fleeing from justice and hampering the trial.

Singh's brother Malvinder (46), also a former Fortis Healthcare promoter, former CMD of Religare Enterprises Ltd (REL) Sunil Godhwani (58), Kavi Arora (48) and Anil Saxena were arrested by the Economic Offences Wing (EOW) of Delhi Police for allegedly diverting RFL's money and investing in other companies.

Since the investigation was at a crucial stage, custodial interrogation was still required in the case, the court said.

"In the present matter, undoubtedly a huge amount of Rs 2,400 crores has been involved. Accused (Shivinder) in connivance with other co-accused persons disbursed the loans to the entities having no financial standing. The investigation in the present case is at a crucial stage and custodial interrogation is still required in the present matter and there is possibility of accused influencing the witnesses or tampering with evidence.

"Hence, keeping in view the facts of the matter, considering the seriousness and gravity of the offences, there being every likelihood of the accused Shivinder Singh fleeing from justice or hammering the trial, I find it expedient in the interest of Justice, not to enlarge him on bail," the Judge said.

The court also extended till December 23 the judicial custody of Malvinder and Godhwani in a separate money laundering case related to the misappropriated funds scam.

The EOW had earlier opposed Shivinder's bail plea and said the allegations against him were serious in nature and he had disbursed loan to shell entities related to him and he was director of some of these firms.

(Image from NDTV.com)