The Supreme Court issued a notice on June 25 in response to Neeraj Singal's plea. Singal, the former Managing Director of Bhushan Steel Limited, challenged both his arrest and the dismissal of his bail by the Delhi High Court.

Singhal was arrested by the Enforcement Directorate on June 9 last year, on allegations related to a bank fraud case and charges of money laundering.

According to the allegations, Singhal is accused of causing a public loss exceeding Rs. 46,000 Crores. The Enforcement Directorate contends that Singhal, along with other accused individuals and business entities, knowingly engaged in the illegitimate acquisition of loan funds under the guise of BSL and other group companies. Additionally, it is alleged that they laundered proceeds of crime through a complex network of over 150 companies, all centrally owned and controlled by Neeraj Singal and Bharat Bhushan.

Earlier this year, the Delhi High Court dismissed Singal's plea challenging both his arrest and bail application in the case. The court noted that the oral communication of the grounds of arrest on June 9, 2023, was in compliance with the provisions of Section 19(1) of the Prevention of Money Laundering Act (PMLA).

Yesterday, during the hearing, Senior Advocate Ranjit Kumar, representing Singhal, stated that no grounds of arrest were provided to Singhal. In response, the Court issued a notice returnable within three weeks.

Additionally, a single judge Bench led by Justice Vikas Mahajan noted that the 'ground of arrest' presented to Singal at the time of his arrest consisted of three pages and was signed by two independent witnesses, thus substantiating its credibility.

Case Title: NEERAJ SINGAL Versus DIRECTORATE OF ENFORCEMENT., Diary No. 15175-2024