New Delhi: The Supreme Court on Friday granted bail to Bhushan Steel's former promoter Neeraj Singal, in a money laundering case arising from an alleged bank fraud of Rs 46,000 crore, saying that even though his acts shook up the economy, the grounds of arrest have to be supplied.
Singal’s plea was listed for hearing before a bench comprising justices Sanjiv Khanna and PV Sanjay Kumar. Noting that the allegations against the petitioner were serious, the bench said: "He is not some small-time offender. Somewhere, we have to draw a line for economic offences. He shook up the economy…”. The bench queried Singal’s counsel, how long his client has been inside the jail?
Senior advocate Kapil Sibal, representing Singal, contended before the bench that his client had been inside for 16 months and the judgment in Pankaj Bansal squarely applied (providing grounds of arrest). Sibal stressed that it cannot become a punishment before trial.
The apex court said the alleged money laundering is fraud on the entire society.
The bench said somewhere the courts have to become strict, and even if he shook up the economy, grounds have to be supplied. The bench noted that the petitioner should be released from jail against the backdrop of his incarceration for 16 months and also the trial against him was not proceeding.
Additional solicitor general S V Raju, representing the Enforcement Directorate, vehemently opposed Singal’s bail plea and pressed that he was arrested for a very serious offence and it is not a case for bail. However, the bench said if the trial is delayed then he is entitled to bail and added that it is aware of the impact of such scams but if trial is never going to get over, the court would have to match that with the aspect of liberty.
"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 prosecution to seek recall of the order," said the bench, allowing Singal's appeal against the Delhi High Court's decision, which rejected his bail plea.
In January, the high court had rejected his bail plea and petition challenging his arrest by the ED in the case.
