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Business News/ News / India/  ED attaches assets worth 61.38 cr of Bhushan Steel, Bhushan Energy
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ED attaches assets worth ₹61.38 cr of Bhushan Steel, Bhushan Energy

The attached assets consist of agricultural land in Maharashtra's Raigad, warehouses in entities under the control of erstwhile promoters of Bhushan Steel

Enforcement Directorate has been investigating money laundering allegations against Bhushan Steel, Bhushan Energy and othersPremium
Enforcement Directorate has been investigating money laundering allegations against Bhushan Steel, Bhushan Energy and others

Enforcement Directorate has provisionally attached assets worth 61.38 crore under its ongoing investigation against Bhushan Steel Limited (BSL), Bhushan Energy Limited (BEL) and others. The action has been taken under Prevention of Money Laundering Act, 2002 (PMLA) in the probe regarding siphoning of public funds against the accused, the agency stated in a statement on Tuesday.

The assets attached by the ED consist of agricultural land in Maharashtra's Raigad, warehouses in entities under the control of erstwhile promoters of BSL.

Also Read: ED attaches 190 cr Mumbai building in Bhushan Power's brank fraud case

The ED initiated money laundering investigation on the basis of complaint filed by Serious Frauds Investigation Office (SFIO) against Bhushan Steel Limited, Bhushan Energy Limited and others involving siphoning of public funds. The SFIO had filed the complaint on August 16, 2019, under various provisions of Companies Act, 2013 and Indian Penal Code, 1860.

During the course of investigations under PMLA, it was revealed that ex-promoters of BSL Neeraj Singal, BB Singal and others had diverted funds from BSL. The fund siphoning was carried out through an elaborate and complex web of transactions by way of routing of public funds in the garb of unsecured loans given by Bhushan Energy Limited to their associate companies, ED stated.

The proceeds from the crime were ultimately utilised for acquiring various immovable properties. The elaborate and complex web of transaction was structured to project these assets as untainted, the agency added.

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Published: 09 Nov 2021, 02:33 PM IST
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