Bhushan Steel plant in Odisha | bhushanpowersteel.com
Text Size:

New Delhi: A Delhi court Friday granted bail to former Bhushan Power and Steel Ltd CMD Sanjay Singal in a multi-crore money laundering case linked to an alleged bank fraud, saying he was the “mastermind” behind diversion of loan funds.

Special Judge Arun Bhardwaj granted the relief on a personal bond of Rs 10 lakh and two sureties of like amount.

The court also directed him to surrender his passport.

During the arguments, his advocate Vijay Agarwal told the court that earlier the ED had alleged the laundered amount to be Rs 47,000 crore, but “later it claimed the same to be merely Rs 4,000 crore”.

Agarwal further told the court that the charge sheet has been already filed and no purpose will be served by keeping him in further custody.

The ED recently filed the charge sheet in the case, claiming that Singhal was the “mastermind” behind diversion of loan funds.

The court had earlier dismissed his bail application, saying the stage was not right to grant him the relief.

Singal was arrested on 21 November last year under the Prevention of Money Laundering Act (PMLA) after he was questioned in connection with the case.


Also read: ED files charge sheet against former Bhushan Power & Steel CMD Sanjay Singal


 

Subscribe to our channels on YouTube & Telegram

Why news media is in crisis & How you can fix it

India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises.

But the news media is in a crisis of its own. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, yielding to crude prime-time spectacle.

ThePrint has the finest young reporters, columnists and editors working for it. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here.

Support Our Journalism

Share Your Views

LEAVE A REPLY

Please enter your comment!
Please enter your name here