Bhushan Steel official denied bail in graft case

A court here Wednesday refused to grant bail to Neeraj Singhal, vice chairman of Bhushan Steel, in connection with the Syndicate Bank bribery case.

Central Bureau of Investigation (CBI) Special Judge Swarna Kanta Sharma rejected his bail plea.

The court said the offence levelled against Singhal is serious in nature and requires custodial interrogation.

Counsel while seeking bail for his client told the court Singhal is ready to cooperate in the ongoing investigation.

The CBI, however, countered his argument and said Singhal was involved in the entire conspiracy.

Counsel claimed the allegations are patently incorrect and the facts distorted.

Chairman-cum-managing director of Syndicate Bank S.K. Jain was arrested Aug 2 for allegedly taking Rs.50 lakh bribe for increasing credit limit of some companies in violation of banking rules. Five others too were arrested in the case.

The CBI has registered two cases against Jain and 11 others, including the CMD and directors of two Delhi-based private firms - Bhushan Steel Ltd. and Prakash Industries - on charges of criminal conspiracy and under the Prevention of Corruption Act.