ED said that the proceeds of the crime were yet to be identified (Representational)
A special Delhi court on Thursday reserved its order on a bail plea of former Bhushan Power and Steel chairman and managing director, Sanjay Singhal, in connection with an alleged multi-crore money laundering case being probed by the Enforcement Directorate (ED).
Special CBI judge Arun Bhardwaj reserved the order after hearing arguments from both the sides.
Senior advocate Sidharth Luthra and advocate Vijay Aggarwal, appearing on behalf of Singhal, argued that his client had fully cooperated with the agency and has appeared before it whenever called.
Referring to the Supreme Court's judgement in P Chidambaram vs ED case, the counsel said that even if the allegation was a grave economic offence, it was not a rule that bail should be denied in every case.
On the other hand, public prosecutor Nitesh Rana representing the directorate, argued that Singhal remained evasive and did not cooperate with the investigation.
ED said that the proceeds of the crime were yet to be identified and that the investigation was ongoing.
Singhal was arrested by the ED on November 22 last year in connection with a money laundering case pertaining to an alleged bank loan fraud.