Supreme Court Grants Bail to Bhushan Steel’s Neeraj Singal in Rs 46,000 Crore Money Laundering Case
The Supreme Court of India has granted bail to Neeraj Singal, the promoter of Bhushan Steel, who was involved in a Rs 46,000 crore money laundering case. A Bench of Justices Sanjiv Khanna and PV Sanjay Kumar made this decision, noting that Singal had been in jail for 16 months and the trial against him was not progressing.
The court acknowledged the serious nature of the allegations against Singal, with the Enforcement Directorate (ED) opposing his bail due to the severity of the economic offence. The court stated that economic offences have a significant impact on the economy, but also emphasized the importance of considering the liberty of the accused when trials are prolonged.
Several conditions were imposed on Singal as part of his bail. He must provide his contact number to the probe agency, surrender his passport, and is not allowed to leave the country without permission.
The case involves allegations that Singal, along with other business entities, engaged in the illegitimate acquisition of loan funds and laundered the proceeds through a complex network of over 150 companies. The Directorate of Enforcement registered the case under the Prevention of Money Laundering Act, 2002 (PMLA), claiming that Singal caused a loss of more than Rs 46,000 crore to the public.
Doubts Revealed
Supreme Court -: The Supreme Court is the highest court in India. It makes the final decisions on important legal matters.
Bail -: Bail is when someone who has been arrested is allowed to go home until their trial, usually under certain conditions.
Bhushan Steel -: Bhushan Steel is a big company in India that makes steel, which is used to build things like cars and buildings.
Neeraj Singal -: Neeraj Singal is a businessman in India who is one of the main people in charge of Bhushan Steel.
Rs 46,000 Crore -: Rs 46,000 Crore is a very large amount of money in Indian currency, equal to 460 billion rupees.
Money Laundering -: Money laundering is when people try to hide where money really came from, usually because it was earned in illegal ways.
Passport -: A passport is a special book that lets you travel to other countries. It has your photo and information about you.
Enforcement Directorate -: The Enforcement Directorate is a government agency in India that investigates financial crimes, like money laundering.
Economic offence -: An economic offence is a crime that involves money, like stealing or cheating to get rich.
