The Supreme Court on Friday granted bail to Neeraj Singal, the former promoter of Bhushan Steel, in a money laundering case linked to an alleged Rs 46,000 crore bank fraud
A bench comprising Justices Sanjiv Khanna and Sanjay Kumar noted that Singal had already spent 16 months in jail, and with the trial unlikely to conclude soon, they granted him bail. The court also imposed conditions, requiring Singal to surrender his passport and remain in India unless permitted by the court. The bench stated that any violation of these conditions could lead to the revocation of his bail.
Singal had appealed against a January 8 order from the Delhi High Court, which had denied his bail and dismissed his challenge to his arrest by the Enforcement Directorate (ED). The ED had argued before the high court that Singal was involved in one of the largest banking frauds in the country, which resulted in a loss of over Rs 46,000 crore in public funds.
(With inputs from agency)
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