Supreme Court grants bail to main accused in ED case linked to Concast Steel and Power

The Supreme Court on 14 October 2026 granted bail to the main accused in an Enforcement Directorate (ED) money-laundering case linked to Concast Steel and Power Limited, which the ED says involves proceeds of crime of Rs 6,210.72 crore. The court held that the appellant, in custody for about 20 months, need not stay in jail while a long trial is pending. It rejected his claim that the arrest was illegal.

What Happened

The appellant had challenged a Calcutta High Court order of 14 November 2025 refusing him regular bail. The ED case, registered in March 2023, followed a CBI FIR of September 2022.

According to the ED, the appellant inflated the company's turnover to obtain credit from a consortium of banks led by the State Bank of India and diverted the funds through 62 shell companies. The ED said only Rs 777.10 crore has been attached so far. He was arrested in December 2024.

The appellant argued that the ED's five-day delay in sending the arrest order and material to the Adjudicating Authority made the arrest illegal. The court disagreed, holding that the law requires this to be done "immediately", which does not mean within a fixed time.

But the court agreed the size of the case makes an early trial impossible. The three ED complaints involve 97 accused, and the court noted thousands of pages of documents and around 98 witnesses. The investigation against the appellant is complete, and the maximum punishment under the PMLA is seven years. The court held that the PMLA's strict bail conditions cannot override the right to life and liberty under Article 21 of the Constitution, and that process must not become a punishment in itself.

The court ordered bail on conditions set by the trial court, directed him to deposit his passport and not leave India without permission or influence witnesses.

These are allegations, not findings of guilt; the accused are presumed innocent until proven guilty in court, and due process continues.

What It Means

The ruling holds that long custody, with no early trial in sight, can justify bail even under the PMLA's strict conditions. The court said its observations are not findings on the merits, so the case over funds borrowed from the SBI-led bank consortium continues before the trial court.

Source: Supreme Court judgment