 "ED arrests ex-Bhushan Power & Steel CMD Sanjay Singal for bank loan fraud")
The ED on Friday arrested former Bhushan Power and Steel Ltd CMD Sanjay Singal in connection with its probe in a multi-crore money laundering case linked to an alleged bank loan fraud, officials said.
They said Singal was placed under arrest, under the Prevention of Money Laundering Act (PMLA), after he was questioned in connection with the case.
He will be produced before a court here on Saturday for seeking further custody, the officials said.
He was arrested as he was not cooperating in the probe, they said.
The ED has recently attached assets worth Rs 4,025 crore of Bhushan Power and Steel Limited (BPSL).
"An amount of Rs 695.14 crore was introduced as capital by Sanjay Singal (the then CMD of the company) and his family members in BPSL out of artificially generated long-term capital gains (LTCG) by diversion of bank loans fund of BPSL," the ED had said.
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