Today, On 4th December, The Supreme Court granted bail to the head of the SRS Group in connection with a Rs. 770 crore fraud case. The case involves allegations of financial misconduct and duping investors. The apex court’s decision comes after a detailed review of the evidence and the accused’s plea. The bail is subject to strict conditions to ensure compliance with legal proceedings.
New Delhi: The Supreme Court granted bail to Anil Jindal, chairperson of the SRS Group, in an alleged fraud case involving Rs.770 crore, which is under investigation by the Serious Fraud Investigation Office.
A bench led by Chief Justice Sanjiv Khanna and Justice Sanjay Kumar noted that Jindal had been incarcerated for the past six and a half years, while the trial had yet to commence.
The Chief Justice remarked that although the offense was serious, the prolonged detention without trial was significant.
Read Also: DHFL Scam| Dheeraj Wadhawan Detained Over Rs 34,000 Crore Fraud Bank Case
The bench indicated that, if convicted, Jindal could face a potential sentence of up to 10 years.
Imposing several bail conditions, the bench directed Anil Jindal, represented by senior advocate Maninder Singh, to surrender his passport to the trial court and to provide his contact numbers to the Serious Fraud Investigation Office (SFIO) so that investigators could track his whereabouts. The bench also required Jindal to disclose details of his immovable properties and bank accounts both individual and joint to the trial court.
Additionally, he was instructed to inform the trial court if he opened any new bank accounts.
The bench emphasized that Jindal should not alienate his properties and noted that the trial court would need to expedite the proceedings and could impose further bail conditions as necessary. Previously, the bench had issued a notice to the SFIO in response to Jindal’s plea and expressed concerns about the magnitude of the alleged fraud.
The bench remarked,
“How much is the amount involved? Rs.770 crores… we understand that bail is the rule, not jail, but there must be exceptions. They can’t swindle Rs.770 crores and say, ‘after three years, I get bail.’ It could take 20 years for the trial to conclude,”
Jindal contended that the maximum penalty under Section 447 of the Companies Act is 10 years. This section addresses punishment for fraud against a company, which includes any act, omission, or abuse of position committed with the intent to deceive or gain an undue advantage at the company’s expense. On April 30, 2024, the Punjab and Haryana High Court annulled the bail granted to him by the trial court.
The SFIO’s case against the SRS Group centers on allegations of falsified balance sheets and financial documents, as well as fraudulent representations made to banks to secure credit facilities. The group is accused of diverting and siphoning off funds obtained from loans from banks and financial institutions.
Read Also: “Gautam Adani Charged for Securities Fraud Conspiracy”: Adani Green
As the chairperson of the group, Jindal is alleged to have orchestrated these activities, including acquiring loans through false documentation and supervising financial misrepresentation. The SRS Group is involved in various sectors, including gold, jewelry, commodities, and real estate.
SRS Group, established by Dr. Anil Jindal in 2000, is a diversified Indian conglomerate with ventures in real estate, cinema, retail, hospitality, and financial services. Over the years, the company has broadened its reach across multiple industries, operating numerous cinema screens, retail outlets, and jewelry showrooms.
The group’s core philosophy is “Enduring Quality & Trust,” emphasizing its dedication to integrity, innovation, and a customer-centric approach.
FOLLOW US FOR MORE LEGAL UPDATES ON YOUTUBE
