Neeraj Singal, the former promoter of Bhushan Steel, has been granted bail to Neeraj Singal by the Supreme Court in a money laundering case arising from a ₹46,000 crore bank fraud. Notably, Neeraj was arrested by the Enforcement Directorate (ED) in connection with the fraud case. After his bail plea was dismissed in the Delhi High Court, he received the green signal from the SC on Friday.

This development marks a significant turn of events in the case, highlighting the role of the Supreme Court in granting bail to Neeraj Singal. The two judges bench, consisting of Justice Sanjiv Khanna and Sanjay Kumar, concluded that Singal had served 16 months in jail and his trial is not expected to end soon.

bail to Neeraj Singhal
Image Source: www.sci.gov.in

The bench acknowledged the seriousness of the allegations against Singal. "The appellant will surrender his passport and not leave India without permission of the court. In case there is any violation, it will be open to the prosecution to seek recall of the order," it ordered.

ED's negligence formed a strong case for Singal

As per TOI's report, the top court slammed ED for not following the legal procedure while arresting Singal. Despite the severity of his crime, the court has to release him as ED failed to follow the statutory provisions during his arrest. Singal appealed in the SC after his bail plea and petition from January 8, challenging his arrest by ED, was dismissed by the High Court.

The ED had previously alleged that Singal was involved in one of the biggest banking frauds. The central agency claimed in the High Court that Singal is involved in a money laundering case that has resulted in the loss of more than ₹ 46,000 crore of public money. Neeraj was arrested on June 9, 2023, by ED for money laundering and ₹46,000 crore bank fraud.

You might also be interested in - Maharashtra government plans targeting fraudulent pathology labs