The Supreme Court has granted bail to Bhushan Steel Ltd’s former MD, Neeraj Singal in the money laundering case linked to an alleged bank fraud of 46,000 crore rupees. He was arrested by the ED.

A bench headed by Justice Sanjiv Khanna granted bail while hearing a special leave petition filed by Singal against the Delhi High Court decision of dismissing his bail plea in January this year. The High Court had upheld the validity of his arrest by the federal anti-money laundering agency.

The bail was granted on the ground that conclusion of the trial is unlikely in the near future and Singhal has suffered a long incarceration pre-trial. The apex court added that the former MD of Bhushan Steel will have to surrender his passport and will not leave India without the permission of the court.