A Delhi court rejected the second bail application which was filed by Religare Finvest’s ex promoter, Malvinder Mohan Singh, along with Shivender Singh, Sunil Godhwani, NK Ghoshal, and others are accused of committing a financial fraud running to 2397 crores, which was dated to the periods of their ownership of the Religare Finvest. The Additional Session’s Judge Sandeep Yadav denied the bail application. According to the FIR, the accused persons were alleged to have absolute control in Religare Enterprises Ltd. and subsidiaries which allegedly put RFL in the ‘poor financial condition’ by advancing loan to companies which have no financial standing and control by the accused persons. It was also alleged that entities wilfully defaulted in repaying the loans and that caused wrongful loss of Rs.2397 Crores to the RFL. Following this, FIR stated that the discrepancies were noted by the RBI. While observing, the accused persons siphoned off the amount to other companies, the court denied bail to Singh on the account of the magnitude of Fraud, and denial of the first bail application.