The Supreme Court on Friday awarded bail to Neeraj Singal, the former promoter of Bhushan Steel, in a significant money laundering case linked to an alleged ₹46,000 crore bank fraud. The decision came after Singal had spent 16 months in custody, with the trial showing no signs of concluding in the near future.
Justices Sanjiv Khanna and Sanjay Kumar, presiding over the matter, imposed strict conditions on the bail. Singal is required to surrender his passport and is prohibited from leaving India without the court’s explicit permission. The bench further noted, “In case there is any violation, it will be open to prosecution to seek recall of the order.”
The bail follows Singal’s unsuccessful plea in the Delhi High Court earlier this year. On January 8, the High Court had rejected his bail application and a petition challenging his arrest by the Enforcement Directorate (ED). The ED had presented arguments that Singal was centrally involved in one of the largest banking frauds recorded in India, which purportedly resulted in a loss exceeding ₹46,000 crore of public funds.
