A Delhi court Tuesday dismissed the bail application of former Fortis Healthcare promoter Malvinder Mohan Singh in a money laundering case related to alleged misappropriation of funds at Religare Finvest Ltd (RFL).
Additional Sessions Judge Sandeep Yadav did not grant bail to Malvinder considering the severity of the offence, magnitude of the amount involved and the possibility of witnesses being influenced.
“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 accused… It is therefore obvious that allegations… have been substantiated by cogent evidence collected… It has been found during investigation that entities either owned or associated with accused Malvinder Mohan Singh were involved in systematic placement/layering acquisition and projection of proceeds of crime as untainted over a long period,” the court said in its order, adding that the observations will have no bearing on the merits of the case.
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