Sinvinder Singh is accused in a money laundering case linked to alleged fraud at Religare Finvest.
The former promoter of Fortis Healthcare, Shivinder Mohan Singh, has been granted bail in a money laundering case linked to alleged fraud at Religare Finvest Limited. The firm had accused Shivinder Mohan Singh and his brother Malvinder Singh -- who are also the former promoters of pharmaceutical giant Ranbaxy -- of fraud and misappropriation of funds to the tune of Rs 740 crore.
The Delhi High Court has asked the investigating officer of the Enforcement Directorate to request the Bureau of Immigration to open a Lookout Circular or LOC for Shivinder Singh to prevent him from leaving the country.
The Enforcement Directorate initiated the money laundering case against them after investigations started into the fraud complaint, filed in 2018. In April, Shivinder Singh and his brother Malvinder Singh were raided by the Enforcement Directorate.
In January, the agency filed a chargesheet against the brothers and Sunil Godhwani, the former top executive of Religare Enterprises in the money laundering case. But the agency has been opposing bail, saying they were yet to unravel the complicated money trail. The High Court had reserved its order in the last hearing, held exactly a week ago.
The Singh brothers, who were also directors of Fortis Healthcare, resigned iin February 2018, following a court order in another case involving Japanese firm Daiichi Sankyo.
Daiichi had bought Ranbaxy - founded by Malvinder Mohan Singh - in 2008. Later, it had moved the Singapore arbitration tribunal alleging that the brothers had concealed information that Ranbaxy was facing probe by the US Food and Drug Administration and the Department of Justice, while selling its shares.
The order of the Delhi High Court had gone in favour of Daiichi. Early in 2019, the Supreme Court told the brothers that they could go to jail for disobeying orders to pay dues to the Japanese firm.