Anticipatory bail of Bhushan Steel's VC: court dismisses plea

Vice Chairman and Managing Director of Bhushan Steel Ltd (BSL), Neeraj Singal, was today refused anticipatory bail in connection with Syndicate Bank bribery case by a Delhi court which said he was one of the "key beneficiaries" and needs to be confronted with other accused.
Special CBI Judge Swarana Kanta Sharma dismissed the anticipatory bail plea of Singal observing that the offence alleged in the case was serious in nature as it involves huge amount of public money.
"The intercepted conversation also needs to be put to the accused. An employee of applicant Neeraj Singal, who had taken the alleged bribe amount to Bhopal, is also not yet traced. The co-accused Purushotam Totlani is also absconding.

"The offence in question is serious in nature, requires custodial interrogation especially when bribe amount of Rs 50 lakh has been recovered from the possession of co-accused in consonance with the alleged intercepted conversation," the judge said.
The court also said "accused Neeraj Singal is the Vice Chairman and MD of M/s Bhushan Steel and is thus one of the key accused and one of the key beneficiaries...."
On August 2, CBI had arrested six accused, including the Chairman-cum-Managing Director of Syndicate Bank S K Jain, for allegedly taking bribe of Rs 50 lakh for increasing credit limit of some companies in violation of banking rules.

CBI has filed two cases against Jain -- accusing him of receiving a bribe of Rs 50 lakh through conduits and abusing his official position to enhance the credit limits of some companies in violation of laid down procedures.

During the arguments on bail plea, advocate D P Singh, who appeared for Singal, contended CBI's FIR was based on "presumptions and incorrect information" which was contrary to the accounts of the company and the bank.
Singal was ready to co-operate in the investigation and hand over documents to CBI, the counsel said, adding his client was being "harassed needlessly."
Countering his arguments, CBI prosecutor said the matter was under initial investigation and Singal has not surrendered before the investigating officer despite being asked to.

The prosecutor also argued that one of the co-accused in the case was still absconding and custodial interrogation of Singal was required to unearth the entire conspiracy.