New Delhi, The Delhi High Court on Monday set aside an order granting bail to Religare promoter, Shivinder Mohan Singh in the Religare Finvest case being probed by Delhi Police.

A bench of Justice Suresh Kumar Kait observed that Shivinder's detention was necessary to unearth the "conspiracy hatched by him" and trace the siphoned-off money in the case of misappropriation of funds, saying the accusation against him 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," the bench said in the order.

His lawyer argued that no specific role had been attributed to Shivinder in the chargesheet and he could not be held to be vicariously liable for the alleged act by the other co-accused.

Shivinder Singh, along with his brother Malvinder, once successful businessmen who were on Forbes' list of billionaires, was arrested in 2019 by the Delhi Police's Economic Offenses Wing for allegedly diverting RFL's money and investing it in other companies. The duo has been accused of diverting the money of Religare Finvest Limited (RFL), a Religare Enterprises Limited (REL) subsidiary.