Delhi High Court grants bail to former Religare CFO Krishnan Subramanian

The Delhi High Court on Tuesday granted bail to former Chief Financial Officer of Religare Finvest Limited (RFL), Krishnan Subramanian, in the alleged ₹2,300 crore corruption case in the Fortis-Religare Scam..The order was pronounced by Justice Chandra Dhari Singh who granted bail to Subramanian subject to him furnishing personal bond of ₹1 lakh along with two sureties of the like amount .Police had alleged that Subramanian along with main accused Shivinder Mohan Singh and Malvinder Mohan Singh, had full control over Religare Enterprises Ltd and its subsidiaries including RFL and was crucial in disbursing loans to entities having no financial standing.These entities, the court was told, defaulted in repayment and caused wrongful loss of huge sums of money. The Reserve Bank of India (RBI) had also pointed out many discrepancies in its analysis in that the top borrowers of the company under the corporate loan book were related entities. There was inter linkage 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 said that the chargesheet in the case has already been filed and most of the evidence is also documentary in nature.“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,” the single-judge said.The Court added that Subramanian is a permanent resident of Delhi and has clean antecedents who has been languishing in jail since December 2021. Therefore, in that background, he can be released on bail..Advocates Tanveer Ahmed Mir, Saud Khan, Prabhav Ralle and Kartik Venu appeared for Subramanian.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..[Read Order]