Source : INDIA TODAY NEWS
The Supreme Court on Wednesday granted bail to industrialist Sanjay Sureka, owner of Concast Steel and Power Limited, in a money laundering case involving alleged proceeds of crime worth Rs 6,210.72 crore.
The court said the trial would take considerable time as thousands of pages of documents had to be considered and around 98 witnesses examined. It ordered Sureka’s release subject to conditions imposed by the trial court.
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A bench of Justices Aravind Kumar and Vipul M Pancholi said, “The appellant must not be subjected to the rigours of custody as long as the trial is pending. Hence, the appellant must be released on bail, subject to furnishing of bail bonds to the satisfaction of the trial court and subject to such other terms and conditions as may be imposed by it.”
The Supreme Court directed Sureka to deposit his passport with the trial court and not leave the country while the trial is pending without its prior permission.
It also barred him from attempting to influence witnesses or tamper with evidence while on bail. The trial court may cancel his bail if he breaches any of the conditions, the bench said.
According to the complaint, Sureka fraudulently inflated the company’s turnover to secure substantial bank credit and diverted funds through shell companies.
The Supreme Court’s order said the alleged proceeds of crime amounted to Rs 6,210.72 crore. Of this, Rs 777.10 crore has so far been attached under the Prevention of Money Laundering Act.
Sureka allegedly created 62 shell companies, appointed 34 people as dummy directors and used 20 companies managed by his relatives to facilitate money laundering. The Enforcement Directorate arrested him on December 18, 2024.
Sureka will remain on bail during the trial subject to restrictions on overseas travel, influencing witnesses and tampering with evidence, with the trial court empowered to cancel his bail for any breach.
– Ends
SOURCE :- TIMES OF INDIA
