The Supreme Court on Friday granted bail to Bhushan Steel
promoter Neeraj Singal in a Rs 46,000 crore money laundering case; however, it
has taken a strong exception on economic offences as it noted that the economy
was shaken due to the alleged offence.
A Bench of Justices Sanjiv Khanna and PV Sanjay Kumar granted
bail to Singal observing that he was in jail for 16 months and the trial against
him was not proceeding.
However, the top court noted that
allegations against Singal is serious. ED has also opposed his bail, saying
that the offence against him is serious in nature.
The top court said that a line has to be drawn for economic
offences. "Singal shook up the economy," the court added.
The court opined as a long incarnation of the Singal as the
lesson learnt but said that even if he shook up the economy, grounds have to be
given. The top court also said that it is aware of the impact of such scams but
as the trial is not getting over in the short span of time therefore it has
also to consider the aspects of liberty of the accused.
The top court imposed on various conditions on the Singal
including that he will provide contact number to probe agency, to surrender
passport and not to leave the country without permission.
The court was hearing Singla plea
challenging the Delhi High Court order, which rejected its bail plea.
The Directorate of Enforcement registered the subject ECIR under
the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), alleging
that the petitioner is involved in one of the biggest banking frauds coupled
with the offence of money laundering. It is alleged that the petitioner has
caused a loss to the public to the tune of more than Rs. 46,000 crore.
According
to the ED, the petitioner, in connivance with other accused person business
entities, knowingly resorted to the illegitimate acquisition of loan funds in
the name of BSL and other group companies and indulged in the laundering of
proceeds of crime through a complex web of more than 150 companies having a
common core, i.e., ownership and control of Neeraj Singal and Bharat Bhushan
Singal.