Close X
Sunday, November 24, 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

AAP insincere about Punjab waters, says Congress leader Bajwa

AAP insincere about Punjab waters, says Congress leader Bajwa
Terming the debate called by Punjab Chief Minister Bhagwant Mann a ‘maha drama’, Leader of the Opposition Partap Singh Bajwa on Wednesday said the Aam Aadmi Party government once again demonstrated its insincerity over the loot of the state's river waters. Bajwa said a night before the debate the CM through his X post changed the topic of the debate from the Sutlej Yamuna Link (SYL) canal to four issues, comprising drug abuse, growing gangsterism and unemployment.

AAP insincere about Punjab waters, says Congress leader Bajwa

Bad air quality in Delhi spiking asthma, lung problems in kids, elderly

Bad air quality in Delhi spiking asthma, lung problems in kids, elderly
The continuing air pollution levels in the national capital is increasing asthma and lung problems in children and the elderly, doctors said on Wednesday.  According to data from the System of Air Quality and Weather Forecasting and Research (SAFAR), the air quality in Delhi remained in the 'very poor' category as the overall Air Quality Index (AQI) reached 336 on Wednesday morning. It is the fourth day in a row with such bad air.

Bad air quality in Delhi spiking asthma, lung problems in kids, elderly

PM Modi interacts with contingent of Asian Para Games

PM Modi interacts with contingent of Asian Para Games
Prime Minister Narendra Modi on Wednesday interacted with the contingent of the Asian Para Games at Major Dhyan Chand National Stadium in Delhi, and said that their achievements underscore their dedication and extraordinary skills. PM Modi further said that every person in the country is proud of their victory as 111 medals are not a small number. India won a total of 111 medals including 29 gold medals in the Asian Para Games 2023. 

PM Modi interacts with contingent of Asian Para Games

72 bodies found in Noida's drains in last 9 months

72 bodies found in Noida's drains in last 9 months
As many as 72 bodies have been found in the drains of Noida in the last 9 months, a police official said. The police claim that 60 to 70 percent of the bodies reached Noida through river drains from other states. It has emerged that in most of the cases, the deceased might have been murdered and thrown in these drains.

72 bodies found in Noida's drains in last 9 months

ED searches 25 locations in Punjab, Rajasthan in illegal drugs case, seizes Rs 4.5 cr in cash

ED searches 25 locations in Punjab, Rajasthan in illegal drugs case, seizes Rs 4.5 cr in cash
The Enforcement Directorate (ED) said on Wednesday that it carried out searches at 25 locations in Punjab and Rajasthan on Tuesday in connection with its probe into an illegal drugs trade case and seized cash to the tune of Rs 4.5 crore. In a statement, the financial probe agency said that it carried out searches under the relevant sections of the Prevention of Money Laundering Act (PMLA) at various locations in Punjab and Rajasthan

ED searches 25 locations in Punjab, Rajasthan in illegal drugs case, seizes Rs 4.5 cr in cash

Punjab government running away from facing people: Jakhar

Punjab government running away from facing people: Jakhar
The government has divided people by its "unwarranted response on this issue and it is clear the state administration is feeling entangled after inviting people for a debate through an open invitation," Jakhar said. Reminding the state government of the perilous law and order situation, Jakhar said there are daily murders and there is no police presence.

Punjab government running away from facing people: Jakhar