SC gives bail to SRS group head in Rs 770cr fraud case

New Delhi : The Supreme Court on Wednesday granted bail to SRS Group chairperson Anil Jindal in an alleged fraud case involving Rs 770 crore being investigated by the serious fraud investigation office. A bench comprising Chief Justice Sanjiv Khanna and Justice Sanjay Kumar observed that Jindal had been in jail for the last six-and-half years and the trial in the case was yet to begin. The CJI said though the offence was grave, the fact that the accused had been in prison for so many years that too without any trial couldn’t be overlooked.

The bench remarked that Jindal may be granted a 10-year jail term, in case he was convicted. Imposing a slew of bail conditions, the bench directed Jindal, represented by senior advocate Maninder Singh, to surrender his passport with the trial court and provide his contact numbers to the SFIO so that his whereabouts could be ascertained by the investigating officers. The bench further asked the accused to provide details of immovable properties, bank accounts -- held individually and jointly -- to the trial court. Jindal was ordered to keep the trial court informed in case he opened a fresh bank account. Asking the accused not to alienate his properties, the bench said the trial court, which will have to fast-track the proceedings, would be free to impose any other bail condition. The bench previously issued a notice to the SFIO on the plea of Jindal and expressed reservations over the scale of the alleged fraud. “How much is the amount involved Rs 770 crores... we understand bail is the rule and not jail, but there have to be some exceptions. They can’t swindle Rs 770 crores and say, ‘three years now, I get bail’. It will take 20 years for the trial to conclude,’” it had remarked.