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Rs 56,000 crore fraud in SBI, PNB and Other Banks, ED arrests 5 people in Bhushan Steel Case


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The Enforcement Directorate (ED) has arrested five individuals in connection with an alleged bank loan fraud and money laundering case amounting to ₹56,000 crore linked to erstwhile Bhushan Steel Ltd (BSL).

Arrested Individuals

The arrested individuals include:

  • Pankaj Kumar Tiwari (former VP banking of BSL)
  • Pankaj Kumar Agarwal (former VP accounts of BSL)
  • Nitin Johri (former Chief Financial Officer of BSL)
  • Ajay Mittal (brother-in-law of former promoter Neeraj Singal)
  • Archana Mittal (wife of Ajay Mittal and sister of Neeraj Singal)

Background and Corporate Insolvency Resolution Process (CIRP)

Bhushan Steel was taken over by Tata Steel Ltd in 2018 after completing the Corporate Insolvency Resolution Process (CIRP).

Allegations by the Enforcement Directorate (ED)

According to the ED, Neeraj Singal and associates formed shell companies, engaging in fund rotation through multiple entities, resulting in an alleged bank loan fraud. The promoters and entities linked to BSL are accused of preparing forged documents, making fraudulent representations, and causing wrongful loss to State Bank of India and Punjab National Bank.

Seizure of Incriminating Documents and Assets

During search operations, incriminating documents and digital records were seized, with digital evidence found hidden among key employees/confidants of Neeraj Singal. The agency also seized ₹72 lakh in cash, foreign currency/travellers cheques worth about ₹52 lakh, and three luxury cars (Mercedes Benz) valued at ₹4 crore.

Earlier Arrest and Asset Attachments

Neeraj Singal was previously arrested in June and is currently in judicial custody. The ED had attached assets worth ₹61.38 crore in this case.

Origin of the Money Laundering Case

The money laundering case originates from a charge sheet filed by the Serious Fraud Investigation Office (SFIO), an investigative agency under the Ministry of Corporate Affairs.

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