Religare Finvest Fraud – Delhi court dismisses second bail application

Religare Finvest Fraud - Delhi court dismisses second bail application

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.

Shubhi Shukla
“Don’t let what you cannot do interfere with what you can do.” I am Ms. Shubhi Shukla an ambitious girl whose aim in life is to hone my skills and widen my repertoire as far as possible. I am currently pursuing my Bachelor’s in Arts and Law [B.A.LL.B(Hons.)] from Faculty of Law, Banaras Hindu University, Varanasi. I didn’t enter this realm of law by my volition but I’m dead certain that I’ll make it my métier and my playground. Comprehending laws that governs societies, absorbing knowledge about every aspects about it and having rational thinking are of primary importance to me as a law student. I try not to talk too much but to walk the talk, I hope to learn with every new opportunity and contribute for others as well.