<p>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.</p><p>The top court said that even though his acts shook up the economy, the grounds of arrest have to be supplied.</p><p>A bench of Justices Sanjiv Khanna and Sanjay Kumar said, "Keeping in view the period of incarceration undergone by the appellant, Neeraj Singal, and as the trial has effectively not commenced, we accept the present appeals."</p>.ED arrests 5 persons including former executives in connection with ₹56,000 crore Bhushan Steel bank fraud case.<p>The bench, while noting that the allegations against the petitioner were serious, said, "He is not some small-time offender. Somewhere, we have to draw a line for economic offences. He shook up the economy". </p><p>The bench sought to know Singal’s counsel, senior advocate Kapil Sibal as to how long his client has been inside the jail.</p><p>Sibal said his client had been inside for 16 months and the judgment in Pankaj Bansal squarely applied (providing grounds of arrest) here. He that it cannot become a punishment before trial.</p><p>The bench observed the alleged money laundering is fraud on the entire society.</p><p>Somewhere the courts have to be strict, and even if he shook up the economy, grounds have to be supplied, the bench said.</p><p>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.</p><p>Additional solicitor general S V Raju, representing the Enforcement Directorate, vehemently opposed Singal’s bail plea.</p><p>The ED counsel said that he was arrested for a very serious offence and it is not a case for bail.</p><p>However, the bench said if the trial is delayed then he is entitled to bail.</p><p>The bench said 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.</p><p>The court allowed Singal's appeal against the Delhi High Court's decision, which rejected his bail plea.</p><p>The bench directed the appellant to surrender his passport and not leave India without permission of the court. It asked him to share his mobile number with the ED officers to let them ascertain his whereabouts and presence.</p><p>"In case there is any violation, it will be open to prosecution to seek recall of the order," the bench said. </p><p>On January 8, the High Court had rejected his bail plea and petition challenging his arrest by the ED in the case.</p><p>The ED registered the case on August 29, 2019 for the offences punishable under the Prevention of Money Laundering Act, 2002, in relation to the scheduled offences under Sections 467, 471 and 120B of the Indian Penal Code and Section 447 of the Companies Act, 2013.</p>
<p>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.</p><p>The top court said that even though his acts shook up the economy, the grounds of arrest have to be supplied.</p><p>A bench of Justices Sanjiv Khanna and Sanjay Kumar said, "Keeping in view the period of incarceration undergone by the appellant, Neeraj Singal, and as the trial has effectively not commenced, we accept the present appeals."</p>.ED arrests 5 persons including former executives in connection with ₹56,000 crore Bhushan Steel bank fraud case.<p>The bench, while noting that the allegations against the petitioner were serious, said, "He is not some small-time offender. Somewhere, we have to draw a line for economic offences. He shook up the economy". </p><p>The bench sought to know Singal’s counsel, senior advocate Kapil Sibal as to how long his client has been inside the jail.</p><p>Sibal said his client had been inside for 16 months and the judgment in Pankaj Bansal squarely applied (providing grounds of arrest) here. He that it cannot become a punishment before trial.</p><p>The bench observed the alleged money laundering is fraud on the entire society.</p><p>Somewhere the courts have to be strict, and even if he shook up the economy, grounds have to be supplied, the bench said.</p><p>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.</p><p>Additional solicitor general S V Raju, representing the Enforcement Directorate, vehemently opposed Singal’s bail plea.</p><p>The ED counsel said that he was arrested for a very serious offence and it is not a case for bail.</p><p>However, the bench said if the trial is delayed then he is entitled to bail.</p><p>The bench said 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.</p><p>The court allowed Singal's appeal against the Delhi High Court's decision, which rejected his bail plea.</p><p>The bench directed the appellant to surrender his passport and not leave India without permission of the court. It asked him to share his mobile number with the ED officers to let them ascertain his whereabouts and presence.</p><p>"In case there is any violation, it will be open to prosecution to seek recall of the order," the bench said. </p><p>On January 8, the High Court had rejected his bail plea and petition challenging his arrest by the ED in the case.</p><p>The ED registered the case on August 29, 2019 for the offences punishable under the Prevention of Money Laundering Act, 2002, in relation to the scheduled offences under Sections 467, 471 and 120B of the Indian Penal Code and Section 447 of the Companies Act, 2013.</p>
