Former Bhushan Steel CMD arrested in money laundering case
22-November-2019
The ED on Friday said that it has arrested Bhushan Steel and Power Ltd's former CMD Sanjay Singal in connection with a money laundering probe.
"Singal was arrested under the charges of Prevention of Money Laundering Act," an ED official told IANS, adding that he had not been cooperating with the ED during questioning.
Singal will be produced before a court here on Saturday to seek further custody, the official said.
The ED has recently attached assets worth Rs 4,025 crore of Bhushan Power and Steel Ltd (BPSL).
"An amount of Rs 695.14 crore was introduced as capital by Singal (then CMD of the company) and his family members in BPSL out of artificially generated long-term capital gains by diversion of bank loans fund of BPSL," the ED had said earlier.IANS
After Six Years of Profitable Bootstrapping, Medulance Raises Rs 25 Crore to Expand Nationally
IIM Grad and First-Generation Entrepreneur Anish Popli's ProcMart Secures Rs 250 Crore in Series B Funding
First Indian Space Tourist Talks Dreams and Inspiration Before Blue Origin Flight
Former MLA Rathod Bapu Rao Switches from BJP to Congress in Telangana
Zerodha Co-Founder Nikhil Kamath Launches 'WTFund' to Support Young Entrepreneurs