SC Sets Aside Bail Because HC Ignored Gravity of Large-Scale Corporate Fraud

Serious Fraud Investigation Office Vs Nittin Johari & Anr. (Supreme Court of India) The Supreme Court considered an appeal filed by the Serious Fraud Investigation Office (SFIO) challenging the order of the Delhi High Court granting bail to the respondent, who had served as Chief Financial Officer and Whole-Time Director (Finance) of Bhushan Steel Ltd. The prosecution alleged that between financial years 2009–10 and 2016–17, the promoters of Bhushan Steel Ltd., assisted by employees and associates, created a complex network of 157 companies to siphon funds from the company. According t...