Bail Plea by Former Bhushan Steel MD: Supreme Court issues Notice to ED

The Supreme Court has issued a notice to the Enforcement Directorate (ED) in response to Neeraj Singal's plea. Singal, former Managing Director of Bhushan Steel Limited, contests his arrest and the rejection of bail by the Delhi High Court. He was arrested by the ED on June 9 last year over allegations of bank fraud and money laundering, amounting to a public loss exceeding Rs. 46,000 crores. The ED claims Singal and others obtained loan funds for Bhushan Steel Limited and other companies, laundering them through a network of 150 entities under their control. Earlier this year, the Delhi High Court dismissed Singal's plea challenging his arrest and bail, noting that grounds were orally communicated as per PMLA provisions during his arrest. Singal's counsel argued that no written grounds were provided, prompting the Supreme Court's notice for a response within three weeks.