Delhi court dismisses bail plea of RFL money laundering case accused Malvinder Mohan Singh

New Delhi [India], Aug 25 (ANI): A Delhi court on Tuesday dismissed the bail plea of Malvinder Mohan Singh in a money laundering case related to alleged misappropriation of funds at Religare Finvest Limited (RFL).
Additional Sessions Judge Sandeep Yadav dismissed the bail plea keeping in view the severity of offence and magnitude of the amount involved.
"Keeping in view the severity of offence and magnitude of amount involved, the possibility of witnesses being influenced by the accused and other relevant factors as discussed above in this order, it is concluded that accused Malvinder Mohan Singh is not entitled to bail. Accordingly, the application filed by accused Malvinder Mohan Singh for grant of bail is dismissed," the court said.
"The investigation conducted in this case concluded that various companies whose directors or office bearers were persons related to or associated with applicant/accused were granted loans by RFL on the instructions of the accused Malvinder Mohan Singh," the court said.
"It is, therefore, obvious that allegations against accused Malvinder Mohan Singh have been substantiated by cogent evidence collected during the investigation. It has been found during the investigation that entities either owned or associated with accused Malvinder Mohan Singh were involved in systematic placement/layering acquisition and projection of the proceeds of crime as untainted over a long period," the court said.
Enforcement Directorate (ED) in January had filed a chargesheet against former Fortis Healthcare promoter Malvinder Mohan Singh, Shivinder Singh and former CMD of Religare Enterprises Limited Sunil Godhwani in a money laundering case related to alleged misappropriation of funds at RFL.
The charge sheet was filed in the Saket court complex.
ED had told the court that there is enough evidence to initiate proceedings against the three accused under the charges of Prevention of Money Laundering Act (PMLA). The accused are currently under judicial custody. (ANI)