The Enforcement Directorate (ED) attached immovable assets valued at INR3.6 billion (USD44.2 million) across New Delhi, Mumbai, Kolkata and Odisha in a money-laundering investigation related to an alleged bank loan fraud involving Bhushan Steel Limited (BSL).
Under the Prevention of Money Laundering Act (PMLA), a provisional order was issued to seize assets registered under benamidars/shell entities, allegedly used to conceal them from law enforcement.
Following Tata Steel’s acquisition of BSL in 2018, the ED accused BSL and its managing director, Neeraj Singal, of establishing numerous shell companies and funnelling funds among them for personal gain, causing wrongful losses to banks.
Singal, under judicial custody since June 2023, faces charges alongside others, including former BSL executives, arrested recently by the ED for alleged involvement in money laundering.
The investigation began after the Serious Fraud Investigation Office filed a charge sheet against BSL and its promoters, implicating them in a INR560 billion bank loan fraud.
