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The Supreme Court of India has granted bail to Neeraj Singal, the former promoter of Bhushan Steel, in a high-profile money laundering case involving an alleged loss of Rs 46,000 crore to the Indian economy. The decision, announced on Friday, came after Singal spent 16 months in jail and the trial against him was deemed to be progressing at a slow pace. However, the court's judgment was accompanied by a strong condemnation of the alleged economic offenses, recognizing the significant impact they had on the country's financial landscape.
The court emphasized the gravity of the allegations against Singal, noting that the Enforcement Directorate (ED), which opposed his bail, had categorized the crime as serious. The court further asserted that a clear distinction needs to be drawn in cases involving economic offenses, stating that Singal's alleged actions had 'shaken up the economy.' Despite acknowledging the severity of the charges, the court ultimately ruled in favor of bail, citing the lengthy imprisonment and the lack of substantial progress in the trial.
The Supreme Court, while granting bail, imposed several conditions on Singal. These include providing his contact information to the ED, surrendering his passport, and obtaining permission before leaving the country. This decision reflects the court's commitment to balancing the right to liberty of the accused with the need to ensure the proper administration of justice and the protection of the public interest in such significant financial crimes. The case underscores the ongoing struggle within the Indian legal system to navigate the complexities of high-profile economic offenses and the need to ensure both swift justice and due process.
Source: SC grants bail to ex-promoter of Bhushan Steel in money laundering case