A Delhi court on Tuesday refused to grant bail to Malvinder Mohan Singh, former promoter of Fortis Healthcare.
Malvinder had sought the bail on “parity”, as his brother Shivinder Mohan Singh was granted bail by the Delhi high court (HC) in July.
Malvinder had argued that he has been in jail since November, despite the fact the charge sheet has already been filed in the case.
However, Nitesh Rana, the counsel for the Enforcement Directorate (ED), opposed his argument. He argued that Malvinder cannot seek parity, as the Supreme Court (SC) had ordered a status quo on Shivinder’s bail.
Rana cited the SC order, which had stated that the Delhi HC judgement not to be treated as a precedent for any other case.
Shivinder is also lodged in Tihar Jail following his arrest last October.
In a charge sheet filed in January, the ED had alleged that the brothers used two sets of “conduit companies” to funnel funds from their finance company Religare Finvest Limited over eight years.
A large part of this money was used to buy properties and there was no intention of repaying the sum, the charge sheet said.
The Central agency has claimed that out of a total of Rs 47,968 crore of loans given to 115 companies by Religarem Finvest, Rs 2,036.69 crore was moved to 19 companies, which had defaulted in making payments.
Most of these funds were used for the personal gain of the Singhs, the charge sheet added.
