ED Seizes Evidence and Assets in Financial Probe

18 Oct 2023 CW Team

The financial agency has uncovered evidence concealed by close associates of former MD Neeraj Singal. The Enforcement Directorate (ED) disclosed that during their searches, incriminating documents, digital records, cash totalling Rs 7.2 million, foreign currency worth Rs 5.2 million, and three luxury cars, including a Mercedes Benz valued at Rs 40 million, were seized. These operations were conducted at 30 locations on October 13 under the provisions of the Prevention of Money Laundering Act (PMLA).

The ED's case is based on a charge sheet filed by the Serious Fraud Investigation Office (SFIO), which invoked scheduled offences under the PMLA Act. The investigation revealed that Bhushan Steel Limited, under Neeraj Singal's leadership, created multiple shell companies to move funds between them for various purposes, including capital infusion and property acquisition, contrary to the banks' intended use of the funds.

Additionally, the ED found that the promoters, directors, and BSL officials falsified documents and made fraudulent representations to banks to discount Letters of Credit, diverting funds back into their network of companies. This misconduct caused wrongful losses to the State Bank of India and Punjab National Bank. The ED had previously attached land in Maharashtra, Haryana, and Assam valued at Rs 613.8 million, a decision confirmed by the Adjudicating Authority. Neeraj Singal, the former MD of BSL, was arrested on June 6 and is currently in judicial custody.

Infrastructure Energy

08 Sep 2025

SCCL Mines Win 5-Star National Awards for Excellence

Singareni Collieries Company Limited (SCCL) has been awarded 5-Star ratings at the national level for four of its coal mines for the last financial year, recognising the company’s excellence in sustainable mining, safety, and operational practices.The honoured mines include:RG OC-1 Extension from the Ramagundam-3 AreaJK-5 OC from the Yellandu AreaRK-6 Underground Mine and RK-Newtech Mine from the Srirampur AreaThese awards were presented during the 5-Star Rating Awards Ceremony held in Mumbai, where SCCL Chairman and Managing Director N. Balram received the accolades from Union Minister for ..

JFSL Gets Rs 3.96 Billion from Promoters for Expansion

Jio Financial Services Ltd (JFSL) announced on Wednesday that promoter group companies have infused Rs 3.96 billion into the firm to support its expansion plans. The company’s board allotted 500 million convertible warrants at Rs 316.50 per warrant to Sikka Ports & Terminals Ltd and Jamnagar Utilities & Power Private Ltd, both part of the promoter group.Each entity has received 250 million warrants, and the total amount received—Rs 3,956.25 crore (Rs 39.56 billion)—represents 25 per cent of the total warrant issue price, in accordance with regulatory norms.This development is par..

RBI to Withdraw Rs 1.5 Trillion via 8-Day VRRR Auction

The Reserve Bank of India (RBI) has announced an eight-day Variable Rate Reverse Repo (VRRR) auction to be held on Thursday, with the objective of withdrawing Rs 1.5 trillion from the banking system. This move comes amid a significant liquidity surplus, which stood at Rs 3.03 trillion as of Tuesday, according to the central bank’s latest data.VRRR operations are a key liquidity management tool used by the RBI to absorb excess cash from the financial system and align short-term interest rates with the policy repo rate. By conducting such auctions, the RBI aims to maintain monetary stability a..