Supreme Court Grants Bail to Neeraj Singal in Rs 46,000 Crore Fraud Case

The Supreme Court has granted bail to Neeraj Singal, former promoter of Bhushan Steel, in a case of money laundering linked to a Rs 46,000 crore bank fraud. Despite 16 months of jail time, the trial is far from over. Key conditions apply to his bail, including surrendering his passport.

The Supreme Court on Friday granted bail to Bhushan Steel's former promoter Neeraj Singal in a money laundering case tied to an alleged bank fraud of Rs 46,000 crore.

A bench of Justices Sanjiv Khanna and Sanjay Kumar noted that Singal has been incarcerated for 16 months and the trial is not expected to conclude soon.

''The appellant will surrender his passport and not leave India without the court's permission. Violation of this would allow the prosecution to seek a recall of the order,'' the bench directed.

Singal contested the January 8 Delhi High Court decision that dismissed his bail plea and petition challenging his arrest by the Enforcement Directorate (ED).

The ED argued before the high court that Singal was part of one of the largest banking frauds in history, involving money laundering and resulting in a loss of over Rs 46,000 crore of public funds.

(With inputs from agencies.)