ED raids erstwhile Bhushan Steel in Rs 56,000 cr bank loan 'fraud' case

October 16, 2023 21:20

The Enforcement Directorate on Monday said it has conducted fresh searches against the promoters and entities of erstwhile Bhushan Steel Limited as part of a money laundering probe against them linked to an alleged Rs 56,000 crore bank fraud case.

Thirty locations in the national capital region, Haryana, Kolkata, Mumbai and Bhubaneswar (Odisha) were raided and surveyed last week on October 13, officials said.

The money laundering case stems from a charge sheet filed by the Serious Fraud Investigation Office, an investigative agency under the ministry of corporate affairs.

A probe found that the erstwhile Bhushan Steel Limited and its managing director Neeraj Singal and his associates formed several shell companies, the agency alleged in a statement.

After completing the corporate insolvency resolution process, Bhushan Steel was taken over by Tata Steel Ltd in 2018.

The ED alleged the promoters and entities linked to BSL "rotated funds from one company to another through a chain of multiple entities."

"The funds were circulated to infuse capital, buy property and for other personal purposes not intended by the banks," it claimed. -- PTI

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