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The Delhi High Court today cancelled an order granting bail to Shivinder Mohan Singh, erstwhile promoter of Religare Enterprises in the Religare Finvest scam case.

The order was passed by the single bench judge of Justice Suresh Kumar Kait in an appeal by Religare Finvest Ltd (RFL) against the order of the trial Court granting bail to Singh in a case registered at Economic Offences Wing (EOW), New Delhi, for criminal breach of trust, cheating and criminal conspiracy.

Setting aside the order of the trial Court, Justice Kait observed “In the present case, nature and gravity of accusation against respondent No.2 is serious. The grant of bail in a case involving cheating, criminal breach of interest by an agent of such a large magnitude of money, affecting a very large number of people would also have an adverse impact not only on the progress of the case but also on the trust of the criminal justice system that people repose”.

RFL submitted that the FIR in question pertains to serious economic offence of high magnitude where huge public money to the tune of approximately Rs.2397 crores as principal amount has been siphoned away at the behest of Shivinder Singh in collusion with his brother- Malvinder Mohan Singh and other co-accused, for their personal benefit. It was emphasized that offence under Section 409 IP 9Criminal breach of trust by public servant, or by banker, merchant or agent) has been invoked against both of them, which is punishable with imprisonment up to life.

The plea put-forth by Shivinder Singh that he had taken retirement from active life and was in Radha Swami Satsang, Beas was controverted by the prosecution alleging that Board Minutes and various emails reveal his active participation in the affairs of the company even after his appointment as Non-Executive Director & Vice Chairman. This assertion of prosecution the bench noted “casts a doubt in the mind of this Court that if respondent No.2 is released on bail, he may not design a conspiracy to tamper with the evidence or influence the witnesses”.

The Counsel appearing for Shivinder Singh on the other hand submitted that the order of the  trial court did not suffer from any illegality or perversity and the Court had  correctly taken note of the fact that once supplementary charge sheet has been filed,  no further investigation is required qua Shivinder Singh and his detention is not necessary and he qualifies the triple test of bail.

The Court however Keeping in mind the factual matrix of the case and also the pertinent observations of the Supreme Court in various decisions said “I have no hesitation to hold that the impugned order suffers from serious infirmities, resulting in miscarriage of justice. Moreover, continued detention of respondent No.2 in this FIR case is necessary not only to unearth the conspiracy hatched by him, but also to derive out/ trace the siphoned money which he has credited for his personal benefit”.