Close X
Wednesday, November 13, 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

10 nursing students hospitalised following gas leak in Mathura

10 nursing students hospitalised following gas leak in Mathura
At least 10 nursing students were hospitalised and many others complained of breathlessness and vomiting on Friday after inhaling chlorine gas leaking from a cylinder in Mathura district. The gas leakage was detected from a cylinder stored within the Chief Medical Officer's (CMO) office campus in Mathura.

10 nursing students hospitalised following gas leak in Mathura

Delhi bans construction, demolition work to tackle air pollution

Delhi bans construction, demolition work to tackle air pollution
The Delhi government on Friday said that to tackle the problem of increasing pollution in the national capital, construction and demolition works have been banned in the city. Boring, drilling, excavation, and stuffing have been strictly prohibited in construction and demolition sites. There will be a complete restriction on all structural construction work, including building activities. 

Delhi bans construction, demolition work to tackle air pollution

Six killed as car gets crushed between 2 trucks in Punjab

Six killed as car gets crushed between 2 trucks in Punjab
Six people, including a four-year-old child, were killed when their car got crushed between two trucks in Punjab’s Sangrur district, police said on Thursday. The car occupants were travelling from Malerkotla to Sunam when the accident took place on Wednesday night.

Six killed as car gets crushed between 2 trucks in Punjab

PM Modi to inaugurate World Food India festival on Nov 3

PM Modi to inaugurate World Food India festival on Nov 3
Prime Minister Narendra Modi will inaugurate the World Food India festival on Friday at Pragati Maidan here. He will also disburse seed capital assistance for over one lakh self help group (SHG) members, on the occasion. Participants from over 80 countries, including CEOs of prominent food processing companies are expected to attend the event.  Innovation and strength of Indian food processing industry will be showcased during World Food India 2023.   

PM Modi to inaugurate World Food India festival on Nov 3

Air pollution: Delhi metro to run 60 additional trains on its all route from Friday

Air pollution: Delhi metro to run 60 additional trains on its all route from Friday
In view of deteriorating air quality and with GRAP-III now in force, the Delhi Metro on Thursday announced that it will run 60 additional train trips across its network starting from Friday. According to Delhi Metro officials, in view of the implementation of GRAP-III stage to combat pollution in Delhi, the DMRC will be further adding 20 extra trips across its network starting from November 3.

Air pollution: Delhi metro to run 60 additional trains on its all route from Friday

1984 anti-Sikh riots case: Delhi court records former Congress MP Sajjan Kumar's statement

1984 anti-Sikh riots case: Delhi court records former Congress MP Sajjan Kumar's statement
A Delhi court on Wednesday recorded the statement of former Congress MP Sajjan Kumar, who is accused in a case related to the alleged killing of a father-son duo during the 1984 anti-Sikh riots. The case, pertaining to the rioting and alleged murder of Jaswant Singh and his son Tarundeep Singh in the Raj Nagar area, was initially registered at the Panjabi Bagh police station.

1984 anti-Sikh riots case: Delhi court records former Congress MP Sajjan Kumar's statement