The Supreme Court on Tuesday refused to stay the interim bail granted to former Bhushan Steel promoter Neeraj Singal, reported News18. The Serious Fraud Investigation Office had challenged the bail granted by the Delhi High Court.

The Supreme Court bench of Justice AM Khanwilkar and Justice DY Chandrachud stayed the operation of the Delhi High Court judgement and transferred the case to itself. The bench said the rest of the High Court judgement regarding the Serious Fraud Investigation Office’s power to arrest and investigate will be deliberated later.

Singal, the former managing director at Bhushan Steel, is accused of using 80 associate firms to siphon off Rs 2,000 crore from loans the company had taken from banks. Earlier this month, the Serious Fraud Investigation Office arrested Singal and sent him to judicial custody.

After Singal was granted bail, the anti-fraud agency moved the Supreme Court on August 29, contending his release could hamper the investigation, saying it is at an “advanced stage”.

Last year, Bhushan Steel was among the 12 accounts identified by the Reserve Bank of India for insolvency proceedings. In May, Tata Steel acquired the firm and settled dues worth Rs 35,200 crore.