Supreme Court Grants ED 15-Day Extension To Respond To Bhushan Steel Ex-MD’s Bail Plea

The Supreme Court has granted the Enforcement Directorate (ED) an additional 15 days to file a reply to the bail plea submitted by Neeraj Singhal, the former managing director of Bhushan Steel, who is accused in a money laundering case related to an alleged bank fraud of Rs 46,000 crore.

A bench comprising Justices Sanjiv Khanna, Sanjay Kumar, and R Mahadevan is hearing Singhal’s petition. During the hearing, the ED requested additional time to file its response.

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Singhal was arrested on June 9, 2023, and has opposed the ED’s action, claiming he was not informed about the basis of his arrest, which he argues is contrary to the law. He has filed an appeal against the Delhi High Court’s January 8 order, which rejected his bail plea and petition challenging his arrest.

The High Court had stated that the Supreme Court’s decision to require written submission of the basis of arrest came after Singhal’s arrest, therefore, it cannot be deemed illegal. The ED alleges that Singhal was involved in one of the biggest banking frauds and money laundering, causing a loss of over Rs 46,000 crore.

Moreover, the ED claims that Singhal, in collusion with other accused, knowingly availed illegal loans in the name of Bhushan Steel Ltd and other group companies, and laundered proceeds of crime through a complex network of over 150 companies.