Former Bhushan Steel promoter Neeraj Singal held for siphoning off Rs 20 bn

The company was one of the 12 big-ticket cases that went to the NCLT after the RBI identified it as a bad loan

The Serious Fraud Investigation Office (SFIO) has arrested Bhushan Steel’s former promoter Neeraj Singal after an investigation was conducted on the company and the promoter. The SFIO arrested him for siphoning off funds over Rs 20 billion from loans availed by Bhushan Steel, using 80 companies.  The investigative body observed that these companies had been used by Singal for fraudulent activities through “bogus loans and advances, investments”. The SFIO was given the authority to make arrests, last year. The SFIO has used the power for the first time since getting it. The investigation is still in progress. 

Singal will be in