• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Nation

ED Searches 30 Locations In Rs 56,000 Cr Money Laundering Probe Involving Bhushan Steel

OMMCOM NEWS by OMMCOM NEWS
October 16, 2023
in Nation
Enforcement Directorate (ED) 3

New Delhi: The Enforcement Directorate (ED) on Monday said that it has carried out searches at 30 locations in Delhi-NCR, Haryana, Kolkata, Bhubaneswar and Mumbai in connection with its probe into the Rs 56,000-crore money laundering case involving the promoters of Bhushan Steel.

The financial agency said it seized evidence hidden with the close confidantes of then MD Neeraj Singal.

The ED said in a statement that during searches various incriminating documents or digital records were recovered and seized that were hidden with key employees or confidants of Neeraj Singal.

The agency also seized cash to the tune of Rs 72 lakh, foreign currency or travellers cheques worth Rs 52 lakh and three luxury cars including a Mercedes Benz, having an acquisition value of Rs 4 crore.

The ED said it carried out search and survey operations at the 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). The said complaint had invoked scheduled offences under the PMLA Act.

The ED said that during its probe it was found that erstwhile M/s Bhushan Steel Limited and its Managing Director Neeraj Singal and his associates formed several shell companies and they rotated funds from one company to another through a chain of multiple entities.

“The funds were circulated to infuse capital, buy property and for other personal purposes not intended by the banks,” the ED claimed.

It further said that during its probe it was found that promoters or directors and the officials of BSL prepared forged documents and made fraudulent representations before the banks to discount Letters of Credit and diverted the funds back into their own web of companies with malafide intentions causing wrongful loss to the State Bank of India and Punjab National Bank.

The ED had earlier attached the land situated at Village Karede Budruk in Maharashtra’s Raigad, Plot located at Haryana’s Faridabad and Plot located at Assam’s Kamrup valuing Rs 61.38 crore.

The attachment was confirmed by Ld. Adjudicating Authority. The ED has also arrested Singal, the then Managing Director of erstwhile BSL on June 6 this year, who is in judicial custody at present.

(IANS)

Tags: Enforcement Directorate
ShareTweetSendSharePinShareSend
Previous Post

‘Five Guarantee’ Schemes Implemented To Provide Justice To Underprivileged: K’taka CM

Next Post

PM Modi Urges People To Connect With Local MPs Through NaMo App

Related Posts

Jyotiraditya Scindia
Nation

Union Minister Scindia Slams Cong Over ‘Emergency’; Says ‘Indira Is India’ Slogan Peak Of Arrogance

June 27, 2025
Insurance Scheme
Nation

Modi Govt’s Insurance Scheme Becomes Lifesaver For Daughter After Mother’s Demise

June 27, 2025
CBI Special Court
Nation

Illegal Assets: CBI Special Court Attaches 2 Noida Flats Of Ex-EPFO Official

June 27, 2025
Rahul Gandhi
Nation

‘Mask Is Off’: Rahul Gandhi Accuses RSS-BJP Of Undermining Constitutional Spirit

June 27, 2025
CBI
Nation

CBI Files Charge Sheets Against Two Indian Nationals For Murder In UAE, Bahrain

June 27, 2025
Indian Nationals
Nation

4415 Indian Nationals Brought Home From Iran And Israel Under Operation Sindhu: MEA

June 27, 2025
Next Post

PM Modi Urges People To Connect With Local MPs Through NaMo App

BJP Destroyed Idea Of India In Manipur, Won’t Allow Same In Mizoram: Rahul Gandhi

Kharge To Chair CEC Meeting For Rajasthan, MP On Oct 18 To Finalise Candidates

khimji
OMC
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.