Business Standard

Former BPSL CMD Singal's custodial interrogation extended in money laundering case


Press Trust of India New Delhi
A Delhi court on Friday extended by seven days the custodial interrogation of former Bhushan Power and Steel Ltd CMD Sanjay Singal in connection with a multi-crore money laundering case linked to an alleged bank loan fraud.
Special Judge Illa Rawat passed the order after he was produced from the custody of the Enforcement Directorate (ED) and the agency sought extension of his custodial interrogation by a week.
ED's special public prosecutor Nitesh Rana told the court that further custody was required for confronting Singal with further documents and to trace the entire trail of money for probable diversion by unearthing routing of the proceeds of crime.
"After perusal of the documents produced by the ED today, I am convinced with the cogent and convincing grounds...that extension of period of police (ED) custody remand is necessary for purpose of proper investigation and for unearthing the conspiracy in the present matter.
"Accordingly, considering the gravity of offence as well as totality of the facts and circumstances, the prayer for extension of seven days police custody remand of accused is allowed," the judge said.
The plea was opposed by the accused on the ground that the ED had already got enough time to interrogate him.
Singal was placed under arrest on November 22 under the Prevention of Money Laundering Act (PMLA) after he was questioned in connection with the case, advocate A R Aditya, also appearing for the ED, said.
Singal was arrested as he was not cooperating in the probe, the agency charged.
The ED recently attached assets worth Rs 4,025 crore of Bhushan Power and Steel Limited (BPSL).
The ED said, "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.

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First Published: Nov 29 2019 | 5:50 PM IST

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