SC grants bail to Bhushan Steel's ex-MD Neeraj Singal in Rs 46,000-cr money laundering case

The Supreme Court on Friday granted bail to former Managing Director of Bhushan Steel Limited, Neeraj Singal, in connection with a money laundering case stemming from a massive bank fraud amounting to Rs 46,000 crore.

A bench comprising Justices Sanjiv Khanna and Sanjay Kumar ruled in Singal's favor, highlighting that he had already been in jail for 16 months, with the trial unlikely to conclude in the near future.

A Bench led by Justice Sanjiv Khanna granted bail on terms and condition that will be fixed by the trial court. “In case of Any violations of release, it will be open to prosecution to seek recall of this bail order before the trial court,” the bench said.


"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," PTI quoted the bench as saying.

Justice Khanna told Singal’s counsel Kapil Sibal that “you are not a small time offender. We have to draw a line somewhere. You shake up the market, you shake up the economy, confidence of shareholders… it's a fraud on the entire society. I am more concerned about the people who have confidence in the accounts of a public company.”

Sibal argued that Singal had been in jail for the last 16 months.

Singal's bail plea was an appeal against the Delhi High Court's January 8 ruling, which had dismissed his request for bail and his petition challenging the Enforcement Directorate's (ED) arrest. The ED had previously argued that Singal was involved in one of the country's largest banking frauds, which led to a loss of over Rs 46,000 crore in public funds.