Bhushan Power & Steel case: ED attaches assets worth ₹4,025 crore

The attached assets include land, building, plant and machinery of the company in Odisha, said the agency.

The Enforcement Directorate has attached assets worth over ₹4,025 crore in connection with a bank fraud case against Bhushan Power & Steel Limited (BPSL). The attached assets include land, building, plant and machinery of the company in Odisha, said the agency.

The ED probe is based on an FIR registered by the Central Bureau of Investigation against the company, its then CMD, Sanjay Singal, and others.

It is alleged that BPSL employed various modus operandi to siphon-off the loans from several banks and financial institutions.

“An amount of ₹695.14 crore was introduced as capital by Mr. Singal and his family members,” the ED said, adding that ₹3,330.09 crore was also found to have been routed out of the loan funds, using several shell companies.

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