Former Ranbaxy Promoter Shivinder Singh Granted Bail in PMLA Case

The court asked Shivinder Singh to surrender his passport and to not leave the country without its permission.

Published23 Jul 2020, 10:45 AM IST
Business
1 min read

The Delhi High Court on Thursday, 23 July, granted bail to former Fortis Healthcare promoter Shivinder Mohan Singh in connection with a PMLA (Prevention of Money Laundering Act) case related to alleged fraud at Religare Finvest Ltd, news agency PTI reported.

The court directed Singh to furnish a personal bond of Rs 1 crore and two sureties of Rs 25 lakh each of family members. It also asked him to surrender his passport and not to leave the country without its permission.

According to the news agency, the investigating officer of the Enforcement Directorate has also been directed to request the Bureau of Immigration to open a look out circular on Singh's name, to prevent an unannounced exit.

Singh, along with brother Malvinder Singh, had been accused by Religare Finvest of fraud and misappropriation of funds to the tune of Rs 740 crore, and were later arrested.

The two were also former promoters of Ranbaxy.

(With inputs from PTI and ANI)

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