The Supreme Court granted bail to Anil Jindal, chairperson of SRS Group, on Wednesday in an alleged fraud case involving Rs 7.7 billion, which is under investigation by the Serious Fraud Investigation Office (SFIO). A bench consisting of Chief Justice Sanjiv Khanna and Justice Sanjay Kumar noted that Jindal had been in jail for over six and a half years, and the trial in the case had yet to begin.

While the Chief Justice acknowledged the seriousness of the offence, he highlighted that Jindal's prolonged incarceration without trial could not be overlooked. The bench remarked that Jindal could face a 10-year jail sentence if convicted.

Imposing several bail conditions, the bench directed Jindal, represented by senior advocate Maninder Singh, to surrender his passport to the trial court and provide his contact information to the SFIO so that his whereabouts could be tracked by investigators. The bench also instructed Jindal to disclose details of immovable properties and bank accounts, both individual and joint, to the trial court and to inform the court if he opened any new bank accounts. Jindal was also ordered not to alienate his properties, and the trial court, which has been instructed to fast-track the proceedings, was allowed to impose additional bail conditions if necessary.

The bench had previously issued a notice to the SFIO regarding Jindal's plea and expressed concerns about the scale of the alleged fraud. Jindal argued that under Section 447 of the Companies Act, the maximum sentence for the offence was 10 years. This section pertains to punishment for fraud against a company, including acts of deception intended to gain an undue advantage or harm the company's interests.

The case against the SRS Group involves allegations of fabricated balance sheets and financial documents, as well as fraudulent representations to banks to obtain credit facilities. The SFIO also accused the group of diverting and siphoning funds obtained from loans. Jindal, as the chairperson, is accused of masterminding these activities, including obtaining loans through false documentation and overseeing financial misrepresentation. The SRS Group operates in sectors including gold, jewellery, commodities, and real estate. On April 30, 2024, the Punjab and Haryana High Court had cancelled Jindal's bail, which was originally granted by the trial court.