Close X
Saturday, November 23, 2024
ADVT 
India

5 arrested in Rs 56K cr bank fraud case linked to Bhushan Steel sent to ED custody

Darpan News Desk IANS, 12 Jan, 2024 01:54 PM
  • 5 arrested in Rs 56K cr bank fraud case linked to Bhushan Steel sent to ED custody

New Delhi, Jan 12 (IANS) A Delhi court has sent five individuals arrested in connection with an alleged Rs 56,000 crore bank loan fraud related to Bhushan Steel Ltd (BSL) to ED custody.

Special Judge Rajesh Kumar Goel of Rouse Avenue Court sent Ajay S. Mittal and Archana Mittal to ED custody until January 14, and Nitin Johri, Pankaj Kumar, and Pankaj Kumar Tiwari until January 15.

The Enforcement Directorate (ED) alleged that the promoters, directors, and officials of Bhushan Steel engaged in fraudulent activities, including forging documents and making false representations to banks.

Funds were misappropriated through fabricated Letters of Credit in favour of JSW Steel Limited and Hindustan Zinc Limited.

The judge stated: "Custodial interrogation of the accused persons is required to ascertain the further complicity of the accused persons in laundering the proceeds of crime and modus operandi adopted by them."

The ED initiated the investigation based on a prosecution complaint filed by the Serious Fraud Investigation Office (SFIO) against Bhushan Steel Limited, invoking scheduled offences under the Prevention of Money Laundering Act (PMLA) 2002.

The investigation revealed that Bhushan Steel and its Managing Director, Neeraj Singal, formed shell companies to rotate funds, causing wrongful loss to State Bank of India and Punjab National Bank.

Assets worth Rs 61.38 crore were provisionally attached earlier. Neeraj Singal, already in judicial custody, faces charges, with a prosecution complaint filed against him and other accused on August 8, 2023.

The arrested individuals, including Ajay Mittal and Archana Mittal, allegedly received proceeds of crime, mortgaging BSL property to route funds to Singal's family.

Nitin Johri and two others, former BSL employees, are accused of manipulating accounts, providing fake documents to banks, and actively participating in the diversion of bank funds.

MORE India ARTICLES

Delhi gasps for fresh air, AQI in ‘very poor’ category

Delhi gasps for fresh air, AQI in ‘very poor’ category
At the Dwarka sector-8 station, the PM 2.5 reached 279, in the "poor" category while PM 10 was at 167, or "moderate", while CO was also at 107, or "moderate". The air quality at the Indira Gandhi International Airport T3 area was in the "poor" category with PM 2.5 at 287 and PM 10 at 146, in the "moderate" category while the CO reached at 61, under "satisfactory" category.

Delhi gasps for fresh air, AQI in ‘very poor’ category

Punjab declares red alert to minimise stubble burning

Punjab declares red alert to minimise stubble burning
Punjab Special Director General of Police (Law and Order) Arpit Shukla on Wednesday said a red alert has been sounded in all districts and legal action would be initiated if anyone was found burning stubble. DGP Gaurav Yadav had appointed Shukla as the Police Nodal Officer to monitor action against stubble burning. 

Punjab declares red alert to minimise stubble burning

Gurugram Police unearth Rs 55.86cr cyber crime fraud; 53 held

Gurugram Police unearth Rs 55.86cr cyber crime fraud; 53 held
The Gurugram Police have unearthed cyber fraud of around Rs 55.86 crore in the month of October and arrested 53 people in this connection, the police said on Wednesday. According to the police, 469 cyber fraud cases were registered against 53 suspects across India of which around 22 cases were registered with the Gurugram police.  

Gurugram Police unearth Rs 55.86cr cyber crime fraud; 53 held

We have failed children of Palestine: Priyanka Gandhi on Children's Day

We have failed children of Palestine: Priyanka Gandhi on Children's Day
Congress General Secretary Priyanka Gandhi, who has been critical of killings of the civilians and children in the Israel-Hamas war on the occasion of Children’s day again reiterated her demand to bring an end to the “horrendous violence” and said that we have “failed” the thousands of children that are being massacred in Palestine every moment. 

We have failed children of Palestine: Priyanka Gandhi on Children's Day

Tunnel collapse: Some trapped workers speak to their kin through pipe

Tunnel collapse: Some trapped workers speak to their kin through pipe
As rescue operations to save 40 labourers trapped in an under-construction tunnel in Uttarakhand's Uttarkashi district continued for the third day on Tuesday, the police facilitated their contact with their anxious kin through a pipe. Uttarkashi Police's CO Prashant Kumar, in a bid to bolster the trapped men's spirits, made arrangements for some of them to talk to their families through this mechanism.  

Tunnel collapse: Some trapped workers speak to their kin through pipe

Sahara Group founder Subrata Roy passes away at 75 after prolonged illness

Sahara Group founder Subrata Roy passes away at 75 after prolonged illness
'Saharasri' Subarata Roy, the founder of Sahara India Pariwar, breathed his last on Tuesday following a cardiac arrest after a prolonged illness. He was 75. Mourning the demise of Roy, the Sahara India Group said in a statement, "With profound sadness, the Sahara India Pariwar informs the demise of our ‘Saharasri’ Subrata Roy Sahara, Managing Worker and Chairman, Sahara India Pariwar.

Sahara Group founder Subrata Roy passes away at 75 after prolonged illness