Former Bhushan Power and Steel Ltd (BPSL) CMD Sanjay Singal has moved a Delhi court seeking interim bail in connection with a multi-crore money laundering case pertaining to an alleged bank loan fraud.
Singal is currently in Enforcement Directorate (ED) remand till December 5.
The ED had, on November 22, arrested Singal under the Prevention of Money Laundering (PMLA) Act and produced him before a court on Saturday, which sent him to ED custody.
The economic watchdog has alleged that Bhushan was not cooperating with the agency during questioning and that he was evasive and gave misleading replies to their questions.
The ED had recently attached assets worth Rs 4,025 crore of Bhushan Power and Steel Ltd (BPSL). "BPSL had used various modus operandi to siphon funds obtained as loans from various banks/financial institutions," the ED had said in an official statement.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app