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India arrests former Bhushan Steel MD Neeraj Singhal over alleged fraud

Reuters  |  NEW DELHI 

NEW DELHI (Reuters) - Indian authorities arrested a former managing director of Bhushan Steel Ltd on Thursday over an alleged fraud, after a probe found billions of rupees had been siphoned off by the firm's founders from funds borrowed from state-run banks.Neeraj Singhal, a member of the founding family, was presented before a court and will be held in judicial custody until Aug. 14, the Ministry of Corporate Affairs said in a statement.It is fairly rare for influential industrialists or corporate leaders to be arrested over fraud allegations in India, but efforts to clean up state banks' ...

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First Published: Fri, August 10 2018. 11:22 IST