The Supreme Court on Friday granted bail to Bhushan Steel promoter Neeraj Singal in a Rs 46,000 crore money laundering case; however, it has taken a strong exception on economic offences as it noted that the economy was shaken due to the alleged offence.
A Bench of Justices Sanjiv Khanna and PV Sanjay Kumar granted bail to Singal observing that he was in jail for 16 months and the trial against him was not proceeding.
However, the top court said that allegations against Singal is serious. ED has also opposed his bail, saying that the offence against him is serious in nature.
The top court said that a line has to be drawn for economic offences. “Singal shook up the economy,” the court added.
The court opined as a long incarnation of the Singal as the lesson learnt but said that even if he shook up the economy, grounds have to be given. The top court also said that it is aware of the impact of such scams but as the trial is not getting over in the short span of time therefore it has also to consider the aspects of liberty of the accused.
The top court imposed on various conditions on the Singal including that he will provide contact number to probe agency, to surrender passport and not to leave the country without permission.
The court was hearing Singla plea challenging the Delhi High Court order, which rejected its bail plea.
The Directorate of Enforcement registered the subject ECIR under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), alleging that the petitioner is involved in one of the biggest banking frauds coupled with the offence of money laundering. It is alleged that the petitioner has caused a loss to the public to the tune of more than Rs. 46,000 crore.
According to the ED, the petitioner, in connivance with other accused person business entities, knowingly resorted to the illegitimate acquisition of loan funds in the name of BSL and other group companies and indulged in the laundering of proceeds of crime through a complex web of more than 150 companies having a common core, i.e., ownership and control of Neeraj Singal and Bharat Bhushan Singal.
(ANI)
