Bhushan Steel's Ex-CEO Nitin Johri Granted Bail In Rs 56,000 Crore Fraud Case

Nitin Johri, the former Chief Executive Officer of erstwhile Bhushan Steel Ltd.—before it was taken over by Tata Steel Ltd.—and an accused in the money laundering case in the alleged Rs 56,000 crore bank loan fraud by the company, has been granted bail by the Rouse Avenue Court in Delhi.

The court received a submission stating that Johri was simply a salaried employee of the company and did not receive any proceeds of crime.

The court acknowledged the completion of the investigation and found no evidence of Johri's lack of cooperation. It was further noted that Johri mentioned that he participated in the investigation despite being in the hospital. The court pointed out that most evidence is documents, so there's little risk of tampering. It also said there's no evidence Johri could threaten witnesses or interfere with evidence.

As part of his bail conditions, Johri must provide a bail bond of Rs 1 lakh and a surety of the same amount. He can't leave the country without court permission and must give up his passport. The court also orders Johri not to contact witnesses or tamper with evidence. He must be available when the investigating officer calls him for further investigation. If Johri changes his address, he must tell both the investigating officer and the court right away.

Johri was diagnosed with cancer after the Enforcement Directorate arrested him in January. Considering his condition to be severe and relying on reports from reputed hospitals, including AIIMS Delhi, the court proceeded with bail.