CBI arrests Bhushan Steel Vice Chairman

CBI today arrested Neeraj Singal, Vice Chairman and Managing Director of Bhushan Steel Ltd BSL), in connection with Rs 50 lakh bribery scandal involving CMD of Syndicate Bank S K Jain.

Singal, who was allegedly evading arrest, has been nabbed from here, the agency sources said.

He has allegedly gone missing from his residence after the agency had carried out searches and did not appear on Saturday before the officials of the agency for examination.

Singal has applied for anticipatory bail application but it was rejected by Special CBI court of Swarana Kanta Sharma.

Sharma dismissed the anticipatory bail plea of Singal, observing that the offence alleged in the case was serious in nature as it involves huge amount of public money.

On August 2, CBI had arrested six accused, including the Chairman-cum-Managing Director of Syndicate Bank S K Jain, for allegedly taking bribe of Rs 50 lakh for increasing credit limit of some companies in violation of banking rules.

CBI has filed two cases against Jain -- accusing him of receiving a bribe of Rs 50 lakh through conduits and abusing his official position to enhance the credit limits of some companies in violation of laid down procedures.

"The intercepted conversation also needs to be put to the accused. An employee of applicant Neeraj Singal, who had taken the alleged bribe amount to Bhopal, is also not yet traced. The co-accused Purushotam Totlani is also absconding.

"The offence in question is serious in nature, requires custodial interrogation especially when bribe amount of Rs 50 lakh has been recovered from the possession of co-accused in consonance with the alleged intercepted conversation," the judge had said.

The court also said "accused Neeraj Singal is the Vice Chairman and MD of M/s Bhushan Steel and is thus one of the key accused and one of the key beneficiaries...." the judge said.