[ By Bobby Anthony ]The Enforcement Directorate (ED) has filed its first charge sheet in the money laundering case related to Bhushan Power and Steel Ltd (BPSL).The charge sheet, which has been filed in a Delhi Court, pertains to an alleged multi-crore bank loan fraud.The ED has claimed the BPSL's former Chairman & Managing Director, Sanjay Singal siphoned off funds to the tune of Rs...
The Enforcement Directorate (ED) has filed its first charge sheet in the money laundering case related to Bhushan Power and Steel Ltd (BPSL).
The charge sheet, which has been filed in a Delhi Court, pertains to an alleged multi-crore bank loan fraud.
The ED has claimed the BPSL's former Chairman & Managing Director, Sanjay Singal siphoned off funds to the tune of Rs 4025.23 crore which were obtained in the guise of loans from different banks.
It may be recalled that in July 2019, the ED had attached BPSL’s assets located in Odisha, worth more than Rs 4025 crore.
BPSL’s plant and machinery, land and buildings of BPSL had been attached as per the provisions of the Prevention of Money Laundering Act (PMLA).
Incidentally, Singal, was arrested on November 22, 2019 under the PMLA after he was questioned in connection with the case. He is currently lodged in Tihar Central Jail.
In October 2019, the ED had attached BPSL’s immovable properties worth Rs 4,025.23 crore.