NEW DELHI: The Supreme Court on Friday granted bail to former promoter of Bhushan Steel Neeraj Singal in a money laundering case stemming from an alleged bank fraud amounting to Rs 46,000 crore.
The bench, consisting of Justices Sanjiv Khanna and Sanjay Kumar, took into account that Singal had been in jail for 16 months and the trial was not expected to conclude in the near future.
The apex court reprimanded the Enforcement Directorate for not adhering to proper procedures during Singal’s arrest. The bench acknowledged the severity of Singal’s crime, noting its impact on the stock market. However, due to the central agency’s non-compliance with statutory provisions during the arrest, the court decided to release him.
“The appellant will surrender his passport and not leave India without permission of court. In case there is any violation, it will be open to prosecution to seek recall of the order,” the bench said.
Singal had appealed against the Delhi High Court‘s order from January 8, which dismissed his bail plea and petition challenging his arrest by the Enforcement Directorate (ED) in the case. The ED had alleged before the high court that Singal was involved in one of the largest banking frauds, coupled with money laundering, resulting in a loss of more than Rs 46,000 crore of public funds.
The court indicated that Singal might be arrested again but refrained from mentioning this in its order.
The bench, consisting of Justices Sanjiv Khanna and Sanjay Kumar, took into account that Singal had been in jail for 16 months and the trial was not expected to conclude in the near future.
The apex court reprimanded the Enforcement Directorate for not adhering to proper procedures during Singal’s arrest. The bench acknowledged the severity of Singal’s crime, noting its impact on the stock market. However, due to the central agency’s non-compliance with statutory provisions during the arrest, the court decided to release him.
“The appellant will surrender his passport and not leave India without permission of court. In case there is any violation, it will be open to prosecution to seek recall of the order,” the bench said.
Singal had appealed against the Delhi High Court‘s order from January 8, which dismissed his bail plea and petition challenging his arrest by the Enforcement Directorate (ED) in the case. The ED had alleged before the high court that Singal was involved in one of the largest banking frauds, coupled with money laundering, resulting in a loss of more than Rs 46,000 crore of public funds.
The court indicated that Singal might be arrested again but refrained from mentioning this in its order.
#grants #bail #Bhushan #Steels #exMD #46000cr #money #laundering #case #Times #India
