New Delhi, Dec 4 (UNI) The Supreme Court on Wednesday granted bail to Anil Jindal, Chairperson of the SRS Group, in a fraud case involving Rs 770 crore, which is under investigation by the Serious Fraud Investigation Office (SFIO).
A bench comprising Chief Justice of India (CJI) Sanjiv Khanna and Justice Sanjay Kumar noted that Jindal had already spent six-and-a-half years in jail, and the trial in the case has not yet begun.
While acknowledging the seriousness of the offense, the bench emphasized that prolonged imprisonment without trial is a significant factor in granting bail.
The court remarked that even if Jindal is convicted, the maximum sentence under Section 447 of the Companies Act is 10 years.
It imposed strict bail conditions, including surrendering his passport, sharing his contact details with the SFIO, and disclosing all immovable properties and bank accounts to the trial court. Jindal must also inform the trial court of any new bank accounts he opens and refrain from selling his properties.
The trial court was instructed to expedite proceedings, and it retains the authority to impose additional conditions if necessary.
Earlier, the Supreme Court expressed concerns about the scale of the alleged fraud, stating, “Bail is the rule, not jail, but swindling Rs 770 crore cannot be overlooked.”
The case alleges that the SRS Group fabricated financial documents, obtained loans through false representations, and misused funds for purposes unrelated to their stated intent.
The Punjab and Haryana High Court had canceled Jindal’s bail in April 2024.
The SFIO’s investigation accuses Jindal of orchestrating fraudulent activities across sectors, including gold, jewelry, commodities, and real estate.
