The Aryavarth Express
Agency (New Delhi): The Rouse Avenue Court in New Delhi has granted bail to a woman, Archana Ajay Mittal, accused in the Bhushan Steel Limited (BSL) money laundering case. She was arrested in January 2024. The Enforcement Directorate (ED) alleges that Archana, along with her husband Ajay S Mittal and former BSL promoters, conspired criminally to mortgage properties held by BSL associate companies. They reportedly raised loans of Rs 35 crore from NBFC Edelweiss, which her husband then transferred to another accused, Ritu Singal.
Special CBI Judge Rajesh Kumar Goel granted the bail considering Archana’s medical condition and the provision related to granting bail to women accused under the Prevention of Money Laundering Act (PMLA). The Court set the bail conditions, including a bail bond of Rs 10 lakh and one surety bond of the same amount.
Judge Goel noted that Archana, aged about 56 years, comes within the ambit of Section 45 of the PMLA. Considering her various ailments and her poor health, which is supported by medical documents, the Court found it a fit case for bail. The Court observed that while treatment for such ailments is available in jail, it is not a ground to reject the bail application, especially when the bail is sought on medical grounds in addition to other factors.
The Court also noted that the ED had already filed a complaint against around 76 accused persons on August 8, 2023, where allegations against Archana were mentioned, but she was not made an accused in the original complaint. The accusations involve her receiving Rs 45 crore during the financial year 2012-2013 from co-accused Brij Bhushan Singal, allegedly diverted from BSL’s proceeds of crime. Further, she reportedly received Rs 5 crore during the financial year 2013-2014 from another co-accused Neeraj Singal, also allegedly diverted from BSL’s funds.
Archana’s husband Ajay S Mittal, who is currently in judicial custody, and her son Ananya Mittal are alleged to have received Rs 40 crores from Brij Bhushan Singal and Neeraj Singal, with Rs 20 crores originating from BSL’s coffers, making the total proceeds of crime Rs 70 crores.
The ED alleges that BSL had obtained loans from various banks and financial institutions, with an outstanding liability of Rs 46,646.73 crores as of March 31, 2017. Brij Bhushan Singal and Neeraj Singal, the former promoters and directors of BSL, are accused of creating over 150 companies to divert funds from BSL and Bhushan Energy Limited (BEL) into several associate companies.
Senior Advocate Siddharth Luthra represented the accused, arguing that Archana was neither a Director, Promoter member, nor an employee of Bhushan Steel Limited, and was not named in the ED’s complaint filed on August 8, 2023.
