Religare case: Delhi court dismisses bail plea of ex-CEO Maninder Singh

A Delhi court Thursday dismissed a bail application of former CEO of Religare Enterprises Limited (REL) Maninder Singh in a case related to alleged siphoning of Rs 2,397 crore.

Additional Sessions Judge Sandeep Yadav dismissed the bail plea of Singh, arrested on October 27, considering the severity and seriousness of the crime allegedly committed by him.

Former Fortis Healthcare promoters Malvinder Singh, his brother Shivinder Singh, former CMD of REL Sunil Godhwani (58), Kavi Arora (48) and Anil Saxena were arrested in the case by the Economic Offences Wing (EOW) of Delhi Police last year, for allegedly diverting Religare Finvest Ltd's money and investing in other companies.

The EOW registered an FIR in March last year after it received a complaint from RFL's Manpreet Suri against Shivinder, Godhwani and others, alleging that loans were taken by them while managing the firm but the money was invested in other companies. ED lodged a money laundering case based on this.

RFL is a group firm of REL, which was earlier promoted by Malvinder and his brother Shivinder.