NEW DELHI: The Supreme Court on Friday granted bail to Bhushan Steel's former promoter Neeraj Singal, in a money laundering case arising from an alleged bank fraud of Rs 46,000 crore.
A bench of Justices Sanjiv Khanna and Sanjay Kumar said that even though his acts shook up the economy, the grounds of arrest have to be supplied.
"Keeping in view the period of incarceration undergone by the appellant, Neeraj Singal, and as the trial has effectively not commenced, we accept the present appeals," the bench said.
Singal was arrested on June 8, 2023 by the Enforcement Directorate.
It set aside the Delhi High Court's judgment of January 8, 2024.
The top court directed that the appellant, Neeraj Singal will be released from jail in connection with ECIR of August 29, 2019 for the offences punishable under the Prevention of Money Laundering Act, 2002, in relation to the scheduled offences under Sections 467, 471 and 120B of the Indian Penal Code and Section 447 of the Companies Act, 2013, on terms and conditions to be fixed by the trial court.
The court said that in addition to the conditions imposed by the trial court, the appellant shall comply with the conditions mentioned in Section 438(2) of the Code of Criminal Procedure, 1973.
The bench directed Singal to provide a mobile number on which he can be contacted by the officers of the Enforcement Directorate to ascertain his whereabouts and presence.
It also told Singal to surrender his passport and not leave India without permission of the trial court.
"In case there is a violation of any terms and conditions of release, it will be open to the prosecution to seek recall of this order before the trial court," the bench said in its order on September 6.
