In a significant legal turn, the Supreme Court has granted bail to Anil Jindal, chairperson and managing director of the SRS Group, and two of his associates, in a high-profile ₹770 crore fraud case under investigation by the Serious Fraud Investigation Office (SFIO).
A Bench led by Chief Justice of India Sanjiv Khanna, accompanied by Justice PV Sanjay Kumar, issued the order, highlighting the prolonged incarceration of over six years while the trial has barely advanced. The court underscored the need for conditional release to ensure fairness during the pending proceedings.
“We direct the release of the appellants on bail, subject to conditions set by the trial court,” the Bench stated. Among these conditions, the accused must surrender their passports, disclose details of their assets and bank accounts, and refrain from transferring any properties. Regular communication with the SFIO to confirm their whereabouts was also mandated.
The legal saga began in 2018 when Jindal and his associates were arrested in Delhi by Faridabad Police, accused of orchestrating a massive investor fraud. Allegations included fabricating financial documents to secure fraudulent credit facilities, with the siphoned funds reportedly funneled into other ventures.
Earlier this year, the Punjab and Haryana High Court had revoked their bail, prompting an appeal to the Supreme Court. Addressing concerns of judicial delay, the apex court directed the trial court in Gurugram to expedite proceedings while retaining the authority to revoke bail should the accused delay the process.
This case continues to spotlight allegations of financial malpractice in India’s corporate sector, with trial developments closely watched by both legal experts and the broader business community.
