Bhushan Steel MD Neeraj Singhal Arrested: ED arrests former MD in bank fraud case of Rs 56,000 cr 2023

This is to inform you that the Enforcement Directorate has made a major development in the Rs 56,000 crore banking fraud case. It is learned that ED has arrested the former managing director of Bhushan Steel Ltd in the above mentioned bank fraud case. Furthermore, the enforcement agency conducted searches at the residence of the former MD of Bhushan Steel Ltd, leading to his arrest. The arrest of the former MD of Bhushan Steel Ltd is the biggest shock arrest in the industry as he is a suspect in a Rs 56,000 crore bank fraud case, TOI reported. You are requested to follow this page and must go through it to know everything important in this story. Swipe down the page.

Bhushan Steel MD Neeraj Singhal was arrested

Bhushan Steel MD Neeraj Singhal was arrested

Former managing director of Bhushan Steel Ltd, Neeraj Singhal has also been a driving force behind the company. He is currently under investigation by the Enforcement Directorate following a search operation at his house in connection with the ED’s probe in a Rs 56000 crore scam. TOI also claimed that Neeraj Singhal has been remanded in custody after receiving approval from the special court. The court granted Neeraj Singhal remand till June 20. Continue reading this article and get more details in the next section.

According to reports, the Enforcement Directorate’s investigation is based on a complaint filed against former Director of Bhushan Steel Ltd, Neeraj Singhal by the Serious Fraud Investigation Office. Furthermore, the agency also accused the former managing director of Bhushan Steel Ltd of setting up a series of fake companies and transferring money from one company to another through a multi-entry chain to layer and integrate the fund. The Serious Fraud Investigation Office stated: “The money was circulated for capital injection, asset purchases and other personal purposes.” Check out the next section and know more.

The Enforcement Directorate added that during investigation, it came to light that the directors or organizers and officials of Bhushan Steel Ltd prepared fake reports and documents. The company also made fraudulent statements to banks to discount Letters of Credit to redirect funds back to its own network of companies in bad faith. The ED further claimed that the amount was misappropriated against LCs created in favor of Hindustan Zinc Ltd and JSW Steel Ltd. These funds continued to be mistakenly transferred to BSL and other companies, causing losses to Punjab National Bank and State Bank of India.

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