ED attaches Bhushan Steel assets worth Rs 4,000 cr in bank fraud probe

Land, building, plant and machinery of the firm in Odisha attached under PMLA; more likely to be seized

The Enforcement Directorate on Saturday said it has attached assets worth over Rs 4,025 crore of Bhushan Power and Steel Limited (BPSL) in connection with its money laundering probe linked to an alleged bank loan fraud.  

The central probe agency said it has attached land, building, plant and machinery of the firm located in Odisha under the provision of the Prevention of Money Laundering Act (PMLA).  

The total value, under the provisional order for attachment, is Rs 4,025.23 crore.  This is the first attachment in the case and more is expected.  

The ED, in a statement, alleged that BPSL used various modus operandi