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

The Supreme Court ordered the release of Neeraj Singal, former promoter of Bhushan Steel, citing procedural lapses by the Enforcement Directorate in his arrest pertaining to a Rs 46,000 crore bank fraud case. The court highlighted the need for balance between economic offences and individual liberty, noting Singal's 16-month detention.

The Supreme Court on Friday ordered the release of Bhushan Steel's former promoter Neeraj Singal in a money laundering case arising from an alleged bank fraud of Rs 46,000 crore. The court stated that due procedure was not followed by the Enforcement Directorate (ED) during his arrest.

A bench of Justices Sanjiv Khanna and Sanjay Kumar noted that Singal has been in jail for 16 months and the trial's completion appeared remote. They remarked that indefinite trials harm the market's confidence and liberty must be considered.

Senior advocate Kapil Sibal, representing Singal, argued that his client's prolonged pre-trial detention was unreasonable. The ED's Additional Solicitor General S V Raju countered that the magnitude of the offence justified the arrest. Despite this, the court granted bail, emphasizing a balance between economic offences and individual rights.

(With inputs from agencies.)