Supreme Court: In a bail plea filed by former Promoter and Managing Director Neeraj Singal against the Delhi High Court order, wherein the Court denied him bail in Rs. 46, 000 crore money laundering case, the division bench of Sanjiv Khanna and PV Sanjay Kumar, JJ. opined that he was entitled to bail considering the length of time he has remained in prison and given that the trial against him was not proceeding.
After Neeraj Singal’s submission that he is inside for 16 months, and it cannot be a punishment before trial, the Court said that “then he has learnt his lesson. But somewhere, we also have to become strict; even if he shook up the economy, grounds have to be supplied”.
The Court further said that it is aware of the impact of such scams on public and public limited companies. But if the trial is never going to be over, the aspect of liberty needs to be matched. But it is not to be treated lightly. The alleged money laundering is fraud on entire society.
Thus, the Court granted him bail, subject to certain conditions including the surrender of his passport.
Source: Press