Insta
ED Arrests Former Bhushan Steel CMD Sanjay Singal In Money Laundering Case
IANS
Nov 23, 2019, 01:50 PM | Updated 01:50 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
The ED on Friday (22 November) 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 (23 November) 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.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.