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.

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