ED attaches Rs 190-crore Mumbai building in bank fraud case against Bhushan Power
3 years, 2 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 managing director of Bhushan Power & Steel Limited in a case involving bank fraud. The financial probe agency had initiated a money laundering investigation on the basis of FIR filed by the Central Bureau of Investigation in 2019 against Bhushan Power & Steel Limited and others on charges of criminal conspiracy amongst themselves and with unknown public servants of banks with intention to cheat banks, financial institutions and government exchequer. The FIR also alleged that director of Bhushan Power & Steel Limited deliberately defaulted in repayment of loan amounts to lender banks, financial institutions as per the time schedule and their accounts remained continuously irregular.

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