The Supreme Court on Friday granted bail to Bhushan Steel's former promoter Neeraj Singal in a money laundering case arising from an alleged bank fraud of ₹46,000 crore.

A bench of Justices Sanjiv Khanna and Sanjay Kumar noted that Singal has been in jail for 16 months and the trial was not likely to be over soon.

"The appellant will surrender his passport and not leave India without permission of court. In case there is any violation, it will be open to prosecution to seek recall of the order," the bench said.

Singal has appealed against the January 8 order of the Delhi High Court by which his bail plea and petition challenging his arrest by the Enforcement Directorate (ED) in the case were dismissed.

The ED had alleged before the high court that Singal was involved in one of the biggest banking frauds coupled with the offence of money laundering which caused a loss of more than ₹46,000 crore of public money.