The Enforcement Directorate has attached properties worth ₹204.31 crore in connection with a money laundering probe against Bhushan Power & Steel Limited (BPSL) and others. The total value of attachment in the case now stands at ₹4,229.54 crore.The court has taken cognisance of the charges under the Prevention of Money Laundering Act.
The fresh attachment order pertains to movable and immovable properties in Delhi and London. The accused persons diverted the loans taken from 33 banks and financial institutions during 2007-14 through associated companies, shell firms and other entities. The total outstanding against the company was to the tune of ₹47,000 crore.
The funds were used for equity investment in the BPSL and acquiring properties in Delhi and London in the name of companies allegedly controlled by Mr. Singal.
The agency had arrested Mr. Singal in November last year, after it attached land, building, plant and machinery of the company, worth ₹4,025 crore, in Odisha
The money laundering probe is based on an FIR lodged by the Central Bureau of Investigation against the company, Mr. Singal and others, alleging that they siphoned off the loans and diverted about ₹2,348 crore.
