Religare Finvest Ltd. (RFL), a subsidiary of REL, had filed a complaint with the Economic Offences Wing (EOW) against Shivinder Mohan Singh and his brother Malvinder Mohan Singh on charges of cheating, breach of trust and criminal conspiracy for siphoning of public money amounting to Rs. 2,500 crores.
It is alleged that funds belonging to RFL were transferred to RHC Holding Pvt. Ltd. (an entity owned and controlled by the Singh brothers) clandestinely through shell entities.
Advocate Sandeep Das appeared on behalf of RFL opposing Shivinder’s bail.
The EOW had registered an FIR in March on the basis of the complaint of RFL and filed a charge-sheet after conducting an investigation. Shivinder was arrested on October 10, 2019 and is currently lodged in Tihar jail.
It is further alleged that Malvinder and Shivinder siphoned off and diverted public money in a clandestine manner for their own benefits.
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