The Supreme Court on Wednesday granted bail to Anil Jindal, the chairperson of SRS Group, in a high-profile fraud case involving allegations of Rs 770 crore. The case has been under investigation by the Serious Fraud Investigation Office (SFIO). Jindal has been in custody for over six years without the commencement of his trial, a factor that significantly influenced the court’s decision.
Presided over by Chief Justice Sanjiv Khanna and Justice Sanjay Kumar, the bench highlighted the prolonged pre-trial detention as a key concern, despite recognizing the severity of the allegations. “Though the offence is grave, the fact that the accused has been in prison for so many years without any trial can’t be overlooked,” stated Chief Justice Khanna.
In deliberating the bail, the Supreme Court imposed strict conditions on Jindal. He is required to surrender his passport to the trial court and must furnish his contact details to the SFIO to facilitate easy tracking. Additionally, Jindal is to provide a comprehensive list of his immovable properties and bank accounts, and he is prohibited from opening new accounts or alienating his properties without notifying the court.
The bench also underscored the necessity of fast-tracking the forthcoming trial proceedings, granting the trial court liberty to impose any further bail conditions deemed necessary.
This development follows a series of judicial assessments, including a previous cancellation of bail by the Punjab and Haryana High Court on April 30, 2024, which countered an earlier trial court decision. The SFIO alleges that the SRS Group engaged in the fabrication of financial documents and balance sheets, misrepresenting facts to banks to secure credit facilities, and diverting funds meant for corporate use.
As chairperson, Jindal is accused of playing a central role in these fraudulent activities, particularly in securing loans through falsified documents and directing the company’s financial strategies. The case highlights significant concerns regarding corporate governance and financial integrity within the sectors of gold, jewelry, commodities, and real estate, where SRS Group operates.
