Delhi court grants bail to accused in BPSL money laundering case

According to the economic offenses watchdog, the company and its directors had deliberately defaulted in repayment of the loan amount to lender banks as per the time scheduled and their accounts remained continuously irregular.

New Delhi: A Delhi court has granted bail to various employees of Bhushan Power and Steel Limited (BPSL) in a money laundering case against them.

Special CBI Judge Arun Bhardwaj noted that "ends of justice require that all the accused be granted bail subject to their furnishing personal bonds and surety bonds for a sum of Rs 1 lakh each."

As far as flight risk was concerned, the bench noted that all the passports are with the court and directions have been given to the accused not to leave the country without the permission of the court.

"Regarding the apprehension of influencing the witnesses, it is only an apprehension without there being any concrete material for giving serious consideration to this apprehension. Moreover, law enforcement agencies are always at liberty to take steps in the event of any such development coming to their notice, in accordance with law," the court said.

The court has granted bail to all accused including BPSL director Ravi Prakash Goyal, the firm's company secretary R.K. Gupta, BPSL Chief Financial Officer (CFO) Arun Kumar Aggarwal, and Alkesh Sharma, President (Accounts & Finance) of BPSL, stationed at Kolkata.

All the said accused persons were represented by advocate Vijay Aggarwal.