A special Delhi court on Thursday reserved its order on a bail plea of former Bhusan Power and Steel chairman and managing director Sanjay Singhal in connection with an alleged multi-crore money laundering case being probed by the Enforcement Directorate (ED).
Special CBI judge Arun Bhardwaj reserved the order after hearing arguments from both the sides. Order in the matter will be pronounced tomorrow.
Senior advocate Sidharth Luthra and advocate Vijay Aggarwal, appearing on behalf of Singhal, argued that his client had fully cooperated with the agency and has appeared before it whenever called.
Singhal's counsel said that there was no need for his further custody as the ED was already in possession of the documentary evidence and a provisional order of attachment had also been passed by the PMLA Adjudicating Authority.
Referring to the Supreme Court's judgement in P Chidambaram vs ED case, the counsel said that even if the allegation was one of a grave economic offence, it was not a rule that bail should be denied in every case.
On the other hand, public prosecutor Nitesh Rana representing the directorate, argued that Singal remained evasive and did not cooperate with the investigation.
ED said that the proceeds of crime were yet to be identified and that the investigation was ongoing.
Singhal was arrested by the ED on November 22 last year in connection with a money laundering case pertaining to an alleged bank loan fraud.
The ED has attached properties amounting to Rs 204 crores belonging to Singhal.
Recently, the agency also attached immovable properties worth Rs 4,025.23 crore of Bhushan Power and Steel Limited in the alleged bank fraud case under the Prevention of Money Laundering Act, 2002.
( With inputs from ANI )