Supreme Court to Hear Neeraj Singal's Bail Plea in Rs 46,000 Crore Fraud Case
The Supreme Court has agreed to hear Neeraj Singal's bail plea in a money laundering case related to a Rs 46,000 crore bank fraud. Justices Manoj Misra and SVN Bhatti have issued a notice to the Enforcement Directorate, requiring a response within three weeks. Singal’s earlier bail plea was dismissed by the Delhi High Court.
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- India
The Supreme Court has decided to hear the bail application of Neeraj Singal, former promoter of Bhushan Steel, in a significant money laundering case arising from an alleged Rs 46,000 crore bank fraud.
A bench comprising Justices Manoj Misra and SVN Bhatti has issued a notice to the Enforcement Directorate, seeking its reply within three weeks regarding Singal's application.
Singal's appeal challenges the January 8 order from the Delhi High Court, which dismissed his bail plea and petition against his arrest by the Enforcement Directorate (ED). The High Court had previously ruled that Singal's arrest was not illegal as the grounds of his arrest were communicated verbally at the time, adhering to the Prevention of Money Laundering Act (PMLA) provisions. Singal maintains that he was not properly informed of the arrest reasons, contrary to legal requirements. The ED has argued that Singal played a role in one of the largest banking frauds in the country, involving the unlawful acquisition of loans and money laundering through a vast network of over 150 companies.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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