In a significant legal development, the Supreme Court of India has granted bail to Neeraj Singal, the former promoter of Bhushan Steel, in connection with a high-profile money laundering case. The case involves an alleged bank fraud amounting to ₹46,000 crore.
A bench of Justices Sanjiv Khanna and Sanjay Kumar delivered the ruling on Friday, noting that Singal has been incarcerated for the past 16 months and that the trial is unlikely to conclude in the near future. The court emphasized that Singal must surrender his passport and is prohibited from leaving India without prior permission from the court. Any violation of these conditions could result in the prosecution seeking the recall of the bail order.
Singal had previously appealed against a January 8 decision by the Delhi High Court, which had denied his bail plea and petition challenging his arrest by the Enforcement Directorate (ED). The ED alleged that Singal played a pivotal role in one of the largest banking frauds in India’s history, which involved a massive loss of public funds.
This ruling comes as a major development in the ongoing investigation into the financial misconduct associated with Bhushan Steel, one of India’s significant corporate entitie
Sources By Agencies
