Syndicate Bank bribery case: Court grants bail to 3 accused

A Delhi court today granted bail to Bhushan Steel Ltd Vice Chairman and Managing Director Neeraj Singal, CMD of Prakash Industries Limited Ved Prakash Agarwal and one other accused, arrested in connection with the Syndicate Bank bribery case.

Special CBI judge Swarana Kanta Sharma enlarged Singal, Agarwal and co-accused Pankaj Bansal on bail and imposed several conditions on them including not to tamper with the evidence and not to delay the ongoing proceedings in the case.

The court also directed the three accused to surrender their passports before it.
Suspended CMD of Syndicate Bank S K Jain, Singal, Ved Prakash Agarwal, Vineet Godha, Pankaj Bansal, Purshottam Totlani and others were arrested by CBI in connection with the case.

The other arrested accused are currently in judicial custody till September 30.
Singal, who was represented by advocate P K Dubey, was arrested by CBI on August 7, hours after the court had issued a non-bailable warrant against him and Totlani.

They were apprehended in connection with two separate graft cases in which CBI had booked them under the Prevention of Corruption Act and for the charge of criminal conspiracy under the IPC.

On August 2, CBI had arrested some of the accused in connection with the case and claimed to have recovered Rs 21 lakh in cash from Jain's residence besides gold worth Rs 1.68 crore and documents of fixed deposits of up to Rs 63 lakh.

The agency 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.