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

Gujarat crackdown: 851 raids, 105 arrests & 27 licenses revoked in statewide illicit spa operations

Gujarat crackdown: 851 raids, 105 arrests & 27 licenses revoked in statewide illicit spa operations
In an operation aimed at eradicating human trafficking under the guise of spa services and hotels, the Gujarat Police undertook simultaneous raids on 851 establishments across the state, following a directive from the Minister of State for Home, Harsh Sanghavi. The large-scale operation, initiated on October 18, resulted in 103 FIRs filed against 152 individuals, leading to the arrest of 105 suspects.  

Gujarat crackdown: 851 raids, 105 arrests & 27 licenses revoked in statewide illicit spa operations

NIA files charge sheet against Lawrence Bishnoi in Gujarat drug case

NIA files charge sheet against Lawrence Bishnoi in Gujarat drug case
The National Investigation Agency (NIA) on Thursday filed a supplementary charge sheet in the Special Court, Ahmedabad against jailed gangster Lawrence Bishnoi in a case involving the seizure of around 39 kg heroin by the Gujarat Police. According to the statement issued by the NIA, the charge sheet has been filed under multiple sections of the Indian Penal Code (IPC) along with section 66C of the Information Technology (IT) Act.   

NIA files charge sheet against Lawrence Bishnoi in Gujarat drug case

Led by Punjab CM, thousands hold prayers in Golden Temple for drug-free state

Led by Punjab CM, thousands hold prayers in Golden Temple for drug-free state
Led by Punjab Chief Minister Bhagwant Mann, thousands of youths from across the state on Wednesday participated in ‘ardaas’ (prayer) at Sri Harmandir Sahib here to make the state completely drug free. During the ‘ardaas’, the Chief Minister along with the youth with yellow turbans, patkas and dupattas prayed to the almighty to give strength to them for fulfilling this sacred mission aimed at wiping out the curse of drugs from the state.

Led by Punjab CM, thousands hold prayers in Golden Temple for drug-free state

PM Modi failed to control inflation, people are ready to give him retirement: Congress

PM Modi failed to control inflation, people are ready to give him retirement: Congress
Congress on Wednesday slammed the BJP-led central government over the soaring inflation saying that Prime Minister Narendra Modi has failed to control inflation and people are now going to give him retirement. Being critical of the government over the issue of inflation, the Congress has on many occasions slammed the government for failing to control the skyrocketing prices of the essential items.  

PM Modi failed to control inflation, people are ready to give him retirement: Congress

Paddy growers face hardships owing to strike by rice millers: Punjab Congress chief

Paddy growers face hardships owing to strike by rice millers: Punjab Congress chief
Punjab Pradesh Congress Committee (PPCC) Chief Amrinder Singh Raja Warring on Wednesday took tour in Patiala district to get first-hand information about the problems faced by paddy growers in the wake of the strike by rice millers across the state. The farmers lamented about the deterioration of the harvested paddy crop due to the strike.

Paddy growers face hardships owing to strike by rice millers: Punjab Congress chief

Three held in Goa for confining and looting tourists

Three held in Goa for confining and looting tourists
Three persons were held by Goa Police for allegedly confining two tourists and looting their money through the UPI transaction mode, an official said. Calangute Police informed that on the complaint of S. Satishkumar Shetty, 39, from Karnataka's Kolar, the case was investigated and subsequently three persons were held in this connection.

Three held in Goa for confining and looting tourists