Former BPSL CMD Singal sent to seven-day custody in money laundering case1 min read . Updated: 23 Nov 2019, 05:34 PM IST
- He was arrested as he was not cooperating in the probe, the Enforcement Directorate said
- The ED had recently attached assets worth ₹4,025 crore of Bhushan Power and Steel Limited
New Delhi: A court here on Saturday granted seven days' custody of former Bhushan Power and Steel Ltd CMD Sanjay Singal to the Enforcement Directorate for interrogation in its probe in a multi-crore money laundering case linked to an alleged bank loan fraud.
Singal was arrested by the ED on Friday and charged under the Prevention of Money Laundering Act (PMLA) after being questioned in connection with the case.
He was arrested as he was not cooperating in the probe, the agency said.
Special Judge Ila Rawat sent him to ED custody and allowed him to carry his spectacles, prescribed medicines and mattress. However, the application for being allowed food from home was dismissed.
"I am not allowing the food application as I am sure that they will take good care of it," the judge said.
The ED had recently attached assets worth ₹4,025 crore of Bhushan Power and Steel Limited (BPSL).
"An amount of ₹695.14 crore was introduced as capital by Sanjay Singal (the then CMD of the company) and his family members in BPSL out of artificially generated long-term capital gains (LTCG) by diversion of bank loans fund of BPSL," the ED had said.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.