NEW DELHI : The special court on Friday granted bail to Sanjay Singal, former managing director of BPSL, in the money laundering case registered in connection with alleged siphoning of funds.

The bail was granted by Special CBI judge Arun Bhardwaj while directing him to furnish a bail bond of 10 lakh and two sureties of like amount.

The Enforcement Directorate (ED) on 18 January had filed chargesheet in the special court against Bhushan Power and Steel Limited (BPSL) and 24 other accused including former BPSL managing director Sanjay Singhal, in connection with a multi-crore money laundering case linked to alleged bank fraud. The special court presided by Special judge Arun Bhardwaj also took the cognizance of the chargesheet and issued production warrants against the accused.

The probe agency in its chargesheet said that BPSL defaulted on loan facilities availed from various banks/financial institutions. The accounts were falsified and the directors of the company fraudulently diverted the funds via shell companies, it added.

The agency is expected to file a supplementary chargesheet in the case.

ED registered the case after studying the FIR filed by the Central Bureau of investigation (CBI) against the BSPL, its former managing director and others on charges of corruption.

Singal, was arrested on 22 November under the Prevention of Money Laundering Act (PMLA), after he was questioned in connection with the case.

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