ED attaches Bhushan Power & Steel's Odisha plant worth Rs 4,025 crore
5 years, 2 months ago

ED attaches Bhushan Power & Steel's Odisha plant worth Rs 4,025 crore

India Today  

The Enforcement Directorate on Saturday attached Bhushan Power and Steel Limited's properties worth Rs 4,025 crore, as per the order of the PMLA court. An amount of Rs 695.14 crore was introduced as the capital by Sanjay Singal and his family members in BPSL out of artificially generated Long Term Capital Gains by a diversion of bank loans fund of BPSL. "An amount of Rs 695.14 cr was introduced as the capital by Sanjay Singal & his family members in BPSL out of artificially generated Long Term Capital Gains by the diversion of bank loans fund of BPSL. Within a week, PNB reported another fraud worth Rs 3,805.15 crore by Bhushan Power & Steel Ltd to the Reserve Bank of India.

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History of this topic

ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW
3 weeks, 5 days ago

ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW

The Hindu  

The Enforcement Directorate has restituted assets worth ₹4,025 crore to JSW, a Successful Resolution Applicant in the matter of the erstwhile Bhushan Power and Steel Limited under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code. The assets were provisionally attached by the ED under Section 5 of Prevention of Money Laundering Act as the erstwhile promoters of …

ED returns assets worth Rs 4,025 crore in Bhushan Steel fraud case
3 weeks, 5 days ago

ED returns assets worth Rs 4,025 crore in Bhushan Steel fraud case

Deccan Chronicle  

New Delhi: The ED has restituted assets worth Rs 4,025 crore of the erstwhile Bhushan Steel and Power Limited to JSW Steel following approval from the Supreme Court, the federal probe agency said on Saturday.JSW Steel was the successful resolution applicant to the assets of the insolvent company under the Insolvency and Bankruptcy Code of the Corporate Insolvency Resolution Process. …

Exclusive: Rs 125 crore in assets returned to victims in Mehul Choksi-PNB scam case
Trending News
1 month ago

Exclusive: Rs 125 crore in assets returned to victims in Mehul Choksi-PNB scam case

India Today  

The Enforcement Directorate, Mumbai, has successfully handed over properties worth more than Rs 125 crore to the liquidator of Gitanjali Gems Ltd. Following an application supported by the ED, the Special PMLA Court in Mumbai approved the monetisation of properties worth Rs 2,565.90 crore linked to Mehul Choksi. PROPERTIES HANDED OVER As per the court’s order, ED initiated the transfer …

ED attaches assets worth over Rs 315 crore in money laundering case against former Maharashtra NCP MP
1 year, 2 months ago

ED attaches assets worth over Rs 315 crore in money laundering case against former Maharashtra NCP MP

India TV News  

The Enforcement Directorate on Sunday said that it has attached land and other items worth over Rs 315 crore as part of an alleged bank fraud in connection with money laundering probe against a former NCP MP from Maharashtra, his family and businesses. Ishwarlal Shankarlal Jain Lalwani, the former Rajya Sabha Member of Parliament from the Nationalist Congress Party, is …

Bengal Teachers' Recruitment Scam: CBI Files Fresh FIR To Probe Irregularities By Primary Education Board
1 year, 9 months ago

Bengal Teachers' Recruitment Scam: CBI Files Fresh FIR To Probe Irregularities By Primary Education Board

ABP News  

The Central Bureau of Investigation has filed a fresh FIR into the allegation of irregularities in the recruitment of primary school teachers by the West Bengal Board of Primary Education, as reported by the news agency ANI. In October 2022, ED arrested Trinamool Congress MLA, and Ex-President of WBBPE Manik Bhattacharya in the case pertaining to the teachers' recruitment scam …

ED attaches assets of JC Prabhakar
2 years, 1 month ago

ED attaches assets of JC Prabhakar

Deccan Chronicle  

ANATAPUR: The Enforcement Directorate on Wednesday attached the assets of former Tadipathri MLA and municipal chairman J.C. Prabhakar Reddy and his close aide C. Gopal Reddy in connection with the illegal registration of BS-III vehicles as BS-IV vehicles and violation of Supreme Court Orders. ED attached assets worth Rs 22.10 crore of Prabhakar Reddy and Gopal Reddy of Tadipathri in …

BS-IV vehicle scam: ED attaches properties of J.C. Prabhakar Reddy and Jatadhara Industries worth ₹22.10 crore in Andhra Pradesh
2 years, 1 month ago

BS-IV vehicle scam: ED attaches properties of J.C. Prabhakar Reddy and Jatadhara Industries worth ₹22.10 crore in Andhra Pradesh

The Hindu  

The Enforcement Directorate on November 30 attached the properties of Tadipatri Municipality Chairman and Telugu Desam Party former MLA J.C. Prabhakar Reddy and his close associate C. Gopal Reddy valued at ₹22.10 crore in connection with the BS-III vehicles scam which came to light in 2020. Movable properties including bank balances, cash, jewellery, and receivables were valued at ₹6.31 crore, …

Supreme Court Issues Notice To Punjab National Bank On Serious Fraud Investigation Office's Pleas Alleging Fund Embezzlement In Bhushan Steel Ltd.
2 years, 2 months ago

Supreme Court Issues Notice To Punjab National Bank On Serious Fraud Investigation Office's Pleas Alleging Fund Embezzlement In Bhushan Steel Ltd.

Live Law  

A Supreme Court bench comprising Chief Justice U.U. Lalit and Justices S. Ravindra Bhat and Bela M. Trivedi on Wednesday issued notice to Punjab National Bank on petitions filed by the Serious Fraud Investigation Office regarding alleged siphoning of funds of Bhushan Steel Ltd.The SFIO had submitted before the court that the accused were complicit in embezzlement of funds and. …

Bengal recruitment scam: ED files chargesheet against Partha Chatterjee, others
2 years, 3 months ago

Bengal recruitment scam: ED files chargesheet against Partha Chatterjee, others

Live Mint  

New Delhi: The Enforcement Directorate has filed its first charge sheet against former West Bengal minister Partha Chatterjee and his alleged associate Arpita Mukherjee and six companies in the School Service Commission recruitment scam-linked money laundering case, the probe agency said in a statement. According to the probe agency, Partha Chatterjee and Arpita Mukherjee and six companies — Echhay Entertainment …

ED attaches Rs 1.74 crore bank balance in fraud case against Bhushan Power
3 years, 3 months ago

ED attaches Rs 1.74 crore bank balance in fraud case against Bhushan Power

India Today  

The Enforcement Directorate has attached bank balance to the tune of Rs 1.74 crore in connection with a money laundering case involving Bhushan Power & Steel Limited, officials said. The development came just a week after the financial probe agency had attached a residential building in Mumbai’s posh Worli area in connection with a money laundering case lodged against Bhushan …

ED attaches Rs 190-crore Mumbai building in bank fraud case against Bhushan Power
3 years, 3 months ago

ED attaches Rs 190-crore Mumbai building in bank fraud case against Bhushan Power

India Today  

The Enforcement Directorate has attached a residential building in Mumbai’s posh Worli area in connection with a money laundering case lodged against Bhushan Power & Steel Ltd. The building worth over Rs 190 crore, located at Ceejay House in Worli, has been attached under Prevention of Money Laundering Act as part of the ED’s investigation against Sanjay Singal, former chief …

PNB scam case: ED attaches assets worth Rs 14.45 crore of Mehul Choksi, Gitanjali Group
3 years, 11 months ago

PNB scam case: ED attaches assets worth Rs 14.45 crore of Mehul Choksi, Gitanjali Group

Firstpost  

New Delhi: The Enforcement Directorate has attached assets worth over Rs 14 crore belonging to the Gitanjali Group and its promoter and jeweller Mehul Choksi, one of the prime accused in the alleged over Rs 13,000 crore PNB loan fraud case. A provisional order for attachment has been issued under the Prevention of Money Laundering Act for the assets worth …

CBI books Delhi-based private firm for defrauding SBI, PNB of Rs 398 crore
4 years, 6 months ago

CBI books Delhi-based private firm for defrauding SBI, PNB of Rs 398 crore

India Today  

The Central Bureau of Investigation has conducted searches in the national capital in connection with a bank fraud case of Rs 398 core. The two biggest lenders of country, State Bank of India and Punjab National Bank, have been defrauded to the tune of Rs 398 crore, said the agency. On the complaint of SBI, the federal probe agency booked …

NCLAT allows JSW Steel acquire Bhushan Power – India TV
4 years, 10 months ago

NCLAT allows JSW Steel acquire Bhushan Power – India TV

India TV News  

The National Company Law Appellate Tribunal on Monday allowed JSW Steel to acquire Bhushan Power & Steel Ltd for Rs 19,700 crore by providing it immunity from prosecution by the Enforcement Directorate. A two-member bench headed by Chairman Justice S J Mukhopadhaya, said that JSW Steel will be immuned from the acts done by the former promoters of Bhushan Power …

NCLAT allows JSW Steel to acquire Bhushan Power for Rs 19,700 cr; grants immunity from prosecution by ED
4 years, 10 months ago

NCLAT allows JSW Steel to acquire Bhushan Power for Rs 19,700 cr; grants immunity from prosecution by ED

Firstpost  

A two-member bench headed by Chairman Justice S J Mukhopadhaya, said that JSW Steel will be immuned from the acts done by the former promoters of Bhushan Power & Steel. New Delhi: The National Company Law Appellate Tribunal on Monday allowed JSW Steel to acquire of Bhushan Power & Steel Ltd for Rs 19,700 crore by providing it immunity from …

NCLAT clears way for JSW Steel to acquire Bhushan Power
4 years, 10 months ago

NCLAT clears way for JSW Steel to acquire Bhushan Power

Live Mint  

The National Company Law Appellate Tribunal on Monday rejected pleas challenging the sale of bankrupt steel maker Bhushan Power and Steel Ltd to JSW Steel Ltd, paving the way for the latter to complete the process of its impending acquisition. JSW Steel moved NCLAT seeking immunity from future litigation after Bhushan Power was booked for alleged accounting frauds, which had …

ED action against Bhushan Power assets vindicates JSW Steel’s fears
5 years, 2 months ago

ED action against Bhushan Power assets vindicates JSW Steel’s fears

Live Mint  

After the Enforcement Directorate attached assets of Bhushan Power and Steel Ltd in an alleged bank fraud, JSW Steel Ltd said the probe agency’s action has vindicated its stand to seek immunity from criminal proceedings in the ongoing probe. JSW Steel had in September moved National Company Law Appellate Tribunal seeking immunity from criminal proceedings in the ongoing bank fraud …

ED links over ₹4,025 crore Bhushan Power assets to fraud probe
5 years, 2 months ago

ED links over ₹4,025 crore Bhushan Power assets to fraud probe

Live Mint  

India's financial fraud agency said on Saturday assets worth ₹4,025 crore of Bhushan Power & Steel Limited were connected with a money-laundering probe, a move that could scupper the debt-ridden firm's sale to JSW Steel Ltd The Enforcement Directorate said on Twitter that Bhushan Power's land, building, plant and machinery were among the assets now associated with an ongoing banking …

Bank fraud case: ED attaches Rs 4,025 cr assets of BPSL
5 years, 2 months ago

Bank fraud case: ED attaches Rs 4,025 cr assets of BPSL

India TV News  

The Enforcement Directorate has attached immovable properties worth Rs 4,025.23 crore of Bhushan Power and Steel Limited in a money laundering case against the firm for siphoning off funds obtained as loans from various banks and financial institutions, the agency said on Saturday. "The quantification of the Rs 4,025.23 crore attached assets is interim as of now and investigations to …

JSW wins NCLT nod for Bhushan Power, but may still appeal
5 years, 4 months ago

JSW wins NCLT nod for Bhushan Power, but may still appeal

Live Mint  

Mumbai: A bankruptcy court on Thursday approved JSW Steel Ltd’s ₹20,000 crore bid to take over bankrupt Bhushan Power and Steel Ltd, marking the second successful resolution of a major steel asset under the insolvency code. JSW Steel is, however, not entirely pleased with the verdict of the Delhi bench of the National Company Law Tribunal and may appeal the …

Punjab & Sind Bank reports about Rs 238 cr fraud by Bhushan Power; third instance after disclosures by PNB, Allahabad Bank
5 years, 5 months ago

Punjab & Sind Bank reports about Rs 238 cr fraud by Bhushan Power; third instance after disclosures by PNB, Allahabad Bank

Firstpost  

Bhushan Power and Steel has misappropriated bank funds, manipulated books of accounts to raise funds from a consortium of lender banks New Delhi: State-owned Punjab & Sind Bank Wednesday reported over Rs 238 crore fraud by Bhushan Power and Steel, a third such instance after similar disclosures made by PNB and Allahabad Bank recently. “On the basis of forensic audit …

Won’t back out from buying Bhushan Power but anxious about fraud reports: JSW Steel
5 years, 5 months ago

Won’t back out from buying Bhushan Power but anxious about fraud reports: JSW Steel

Live Mint  

New Delhi: JSW Steel on Monday told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters. During the proceedings in NCLT, counsel appearing for JSW Steel informed the tribunal that it was anxious about the alleged fraud reports …

Not backing out from buying Bhushan Power and Steel, but anxious about alleged fraud reports: JSW tells NCLT
5 years, 5 months ago

Not backing out from buying Bhushan Power and Steel, but anxious about alleged fraud reports: JSW tells NCLT

Firstpost  

New Delhi: JSW Steel on Monday told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters. During the proceedings in NCLT, counsel appearing for JSW Steel informed the tribunal that it was anxious about the alleged fraud reports …

Allahabad Bank down almost 11% on Bhusan Power fraud
5 years, 5 months ago

Allahabad Bank down almost 11% on Bhusan Power fraud

Live Mint  

New Delhi: Shares of Allahabad Bank plunged steeply on Monday after the bank on reported fraud by Bhusan Power and Steel on Saturday. In a regulatory filing, Allahabad Bank on Saturday said on the basis of the findings of the forensic audit investigation and the CBI's FIR against the company and its directors, alleging diversion of funds from banking system …

Allahabad Bank reports ₹1775 core fraud by Bhushan Power & Steel
5 years, 5 months ago

Allahabad Bank reports ₹1775 core fraud by Bhushan Power & Steel

Live Mint  

New Delhi: After Punjab National Bank, another state-owned lender Allahabad Bank Saturday reported a fraud of over ₹1,774 crore by Bhushan Power and Steel to the Reserve Bank of India. In a regulatory filing, Allahabad Bank said on the basis of the findings of the forensic audit investigation and the CBI's FIR against the company and its directors, alleging diversion …

ED files chargesheet in PMLA case involving Misa Bharti, names 35 accused
5 years, 5 months ago

ED files chargesheet in PMLA case involving Misa Bharti, names 35 accused

India TV News  

The Enforcement Directorate on Wednesday filed a supplementary chargesheet in a money laundering case involving RJD supremo Lalu Yadav's daughter Misa Bharati and her husband. In 2017, the Enforcement Directorate had raided the farmhouse and a few other locations as part of its probe against two brothers -- Surendra Kumar Jain and Virendra Jain -- and others, who were alleged …

More banks likely to have been singed by Bhushan Power fraud
5 years, 6 months ago

More banks likely to have been singed by Bhushan Power fraud

Live Mint  

More lenders to bankrupt Bhushan Power and Steel Ltd may say that the company misappropriated funds given to it after state-run Punjab National Bank first reported a ₹3,800 crore fraud, a top bank official said, requesting anonymity. Meanwhile, JSW Steel, the highest bidder for bankrupt Bhushan Power, will stick to its final bid of ₹19,700 crore for the company in …

Fraud comes to haunt banks again, but with the hope of better recovery
5 years, 6 months ago

Fraud comes to haunt banks again, but with the hope of better recovery

Live Mint  

Over the weekend, Punjab National Bank declared the now bankrupt Bhushan Power and Steel as a fraud account. The company owes PNB a little over ₹4,000 crore and the lender has reported to Reserve Bank of India a fraud of ₹3,805 crore by the company, based on a forensic audit it did. A report in The Economic Times in April …

PNB shares plunge over 11% after detection of Rs 3,800-cr bank fund misappropriation by Bhushan Power & Steel
5 years, 6 months ago

PNB shares plunge over 11% after detection of Rs 3,800-cr bank fund misappropriation by Bhushan Power & Steel

Firstpost  

PNB said on Saturday that Bhushan Power & Steel Ltd misappropriated bank funds and manipulated its books of accounts to raise funds from consortium lender banks. New Delhi: Shares of Punjab National Bank on Monday dived over 11 percent after the detection of fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd. “On the basis of …

PNB shares tank after lender detects another fraud
5 years, 6 months ago

PNB shares tank after lender detects another fraud

Live Mint  

Shares of Punjab National Bank slumped over 7% on Monday after the lender was hit by yet another fraud, this time by Bhushan Power & Steel Ltd. At 9.30 am, the stock was at ₹75.80 on BSE, down 5.57% from its previous close. On Saturday, the bank reported ₹3,805.15 crore fraud with exposure of ₹3,800 crore includes domestic exposure of …

Punjab National Bank hit by another fraud, this time of Rs 3,800 crore
5 years, 6 months ago

Punjab National Bank hit by another fraud, this time of Rs 3,800 crore

India Today  

The Punjab National Bank on Saturday said it had reported a borrowing fraud of Rs 38.05 billion in Bhushan Power & Steel Ltd's account to the Reserve Bank of India. The fraud, "alleging diversion of funds from the banking system", was being reported to the RBI on the basis of the findings of the forensic audit and the federal police …

PNB reports over ₹3800 crore fraud by Bhushan Power & Steel
5 years, 6 months ago

PNB reports over ₹3800 crore fraud by Bhushan Power & Steel

Live Mint  

Mumbai: Punjab National Bank on Saturday said it has detected a fraud of ₹3,805.15 crore by Bhushan Power & Steel Ltd and has reported it to the Reserve Bank of India. The exposure of ₹3,800 crore includes domestic exposure of ₹3,191 crore, overseas exposure of $49.71 million at the bank's Dubai branch and $38.51 million at its Hong Kong branch. …

PNB reports over Rs 3,800 cr fraud by Bhushan Power & Steel Ltd
5 years, 6 months ago

PNB reports over Rs 3,800 cr fraud by Bhushan Power & Steel Ltd

India TV News  

Public sector lender Punjab National Bank said Saturday it has detected a fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd and has reported it to the Reserve Bank of India. PNB said Bhushan Power & Steel Ltd misappropriated bank funds and manipulated its books of accounts to raise funds from consortium lender banks. "On the …

BoB puts Bhushan Power, 66 others accounts on block as NCLT process gets delayed
5 years, 7 months ago

BoB puts Bhushan Power, 66 others accounts on block as NCLT process gets delayed

Live Mint  

Mumbai: As resolution through the insolvency courts keep getting delayed inordinately, the state-run Bank of Baroda has put on sale non-performing loans amounting to ₹9,060 crore, including two large accounts - Bhushan Power & Steel and Alok Industries which are undergoing insolvency process but delayed. Besides these two big accounts, the bank is also looking to sell 65 other medium …

CBI raids 18 locations of Bhushan Power and Steel Limited across various states
5 years, 9 months ago

CBI raids 18 locations of Bhushan Power and Steel Limited across various states

India TV News  

The Central Bureau of Investigation carried out searches at 18 locations connected to Bhushan Power and Steel Limited on Sunday after a case amounting to Rs 2,348 crore was registered against the chairman Sanjay Singhal and others. Commenting on the raid, a CBI spokesperson said loans worth Rs 47,204 crore were availed from 33 banks and financial institutions from 2007 …

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