The Supreme Court granted bail to former Bhushan Steel promoter Neeraj Singhal on Friday in a money laundering case. Singhal was involved in a case related to an alleged ₹46,000 crore bank fraud, which led to money laundering charges against him. He had approached the apex court seeking bail in this matter.
A bench comprising Justices Sanjiv Khanna and Sanjay Kumar noted that Singhal had been in jail for 16 months, and the trial was unlikely to conclude soon. The court ordered Singhal to surrender his passport and prohibited him from leaving the country without permission. The prosecution has the option to file a petition to revoke the bail if any violations occur.
Singhal had appealed against a Delhi High Court order dated January 8, which had rejected his bail plea. The High Court had also dismissed his petition challenging his arrest by the Enforcement Directorate (ED), which has now been challenged in the Supreme Court. The ED argued before the High Court that Singhal was involved in one of the largest banking frauds, which included the crime of money laundering, causing a loss of over ₹46,000 crore in public funds.
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