NEW DELHI: The Delhi High Court granted bail to former Chief Financial Officer of Religare Finvest Limited (RFL), Krishnan Subramanian, arrested in the alleged ₹2,300 crore corruption case in the Fortis-Religare Scam.
Justice Chandra Dhari Singh granted bail to Subramanian subject to him furnishing a personal bond of ₹1 lakh along with two sureties of the same amount
Delhi police arrested Subramanian along with main accused Shivinder Mohan Singh and Malvinder Mohan Singh, who had full control over Religare Enterprises Ltd and its subsidiaries including RFL and was crucial in disbursing loans to entities having no financial standing.
The Reserve Bank of India (RBI) had also pointed out many inconsistencies in its analysis in that the top borrowers of the company under the corporate loan book were related entities. There is a link between the borrowers as funds were routed from one borrower to another and the loan amounts were ultimately coming to the group companies, the Court was told.
However, Justice Singh noted that the co-accused Maninder Singh has already been enlarged on bail in the present case.
The Court also informed that the charge sheet in the case has already been filed and most of the evidence is also documentary in nature.
During a hearing it is observed that – “In the considered opinion of this Court, the applicant is neither a flight risk, nor can there be any propensity on his part to tamper with any evidence or influence any witness inasmuch as the entire domain of evidence is documentary in nature, which exists as it is from the year 2008 onwards, unhindered, and untampered,”
Three advocates were from the Subramaniam side namely, Advocates Tanveer Ahmed Mir, Saud Khan, Prabhav Ralle and Kartik Venu. On the other side Additional Standing Counsel, Avi Singh along with advocates Karan Dhalla and Mizba Dhebar appeared for State. Senior Advocate Mohit Mathur along with advocates Sandeep D Das, Shashwat Sarin, and Harsh Gautam appeared for the complainant.
DOWNLOAD OUR FREE LEGAL MAGAZINE – LAW MANTHAN 1ST EDITION
(MARCH – APRIL 2022)