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Bhushan Steel says SFIO questioned chairman Brij Bhushan Singal

Press Trust of India  |  New Delhi 

Debt-laden today said its B B Singal was called for questioning by the Investigation Office (SFIO) yesterday in a case pertaining to alleged siphoning of funds worth over Rs 1,000 crore.

Responding to a clarification sought by the BSE, said, "Yes, B B Singal, appeared before SFIO on March 8, 2018, in compliance with the summon issued in this regard."

On Thursday, a source said that the SFIO had questioned Singal in the national capital with regard to alleged siphoning of funds.

The agency, which comes under the Corporate Affairs Ministry, has been probing allegations of fund diversions at the company since last year.

The diversion of funds is estimated to be more than Rs 1,000 crore, the source added.

is one of the 12 non-performing accounts referred by the to the National Company Tribunal (NCLT) for insolvency proceedings. The company owes more than Rs 44,000 crore to its lenders.

In recent weeks, the SFIO has been asked to investigate a significant number of companies for fraudulent activities, especially those related to diamond merchants and in the Rs 12,700 crore


Last month, the ministry ordered the SFIO to probe around 110 companies and about 10 limited liability partnerships related to Modi and Choksi.

Besides, the white collar investigation agency has already questioned various bank officials with regard to the scam.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 09 2018. 21:05 IST
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