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The Hindu
The Hindu
National
Special Correspondent

ED attaches ₹61.38-crore assets

Enforcement Directorate. File (Source: The Hindu)

The Enforcement Directorate (ED) has attached assets worth ₹61.38 crore in connection with the alleged siphoning of public funds from Bhushan Steel Limited (BSL), Bhushan Energy Limited (BEL) and others.

The assets include agricultural land in Raigad (Maharashtra) and the warehouses of entities under the control of erstwhile promoters of BSL.

The ED probe is based on a complaint filed by the Serious Frauds Investigation Office (SFIO) under various provisions of the Companies Act and the Indian Penal Code.

According to the ED, its probe under the Prevention of Money Laundering Act revealed that Neeraj Singal and B.B. Singal, former promoters of BSL, and others had diverted funds through an elaborate and complex web of transactions.

The funds were routed in the garb of unsecured loans given by BEL to their associate companies, and ultimately used for the acquisition of various immovable properties.

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