ED attaches ₹204 crore assets of ex-Bhushan Power CMD in money laundering case
New Delhi: The Enforcement Directorate (ED) on Saturday provisionally attached assets worth ₹204.31 crore of former Bhushan Power and Steel Ltd (BSPL) chairman and managing director Sanjay Singal in the ongoing money laundering case.
“The attached assets consist of movable and immovable properties in Delhi and London. Investigations under Prevention of Money-Laundering Act, 2002 (PMLA) had revealed that an amount of Rs. 204.31 crores were diverted out of bank loan funds of BPSL, which were utilized for acquisition of assets in India and abroad by Sanjay Singal,” it said.
The special court on Friday also took cognizance of the chargesheet and issued production warrants against the accused.
Singal was arrested ED on 22 November last year and is presently in judicial custody.
The ED’s move follows the prosecution complaint it had filed in a special court on Friday against Singhal and 23 other persons including entry operators based in Delhi, Mumbai and Kolkata for their involvement in the case.
“The Court, after holding that there are sufficient grounds to proceed against the accused persons, has taken cognizance of the offence under the PMLA against all the 25 accused persons and ordered issuance of summons,” the agency said.
ED registered the case after studying the FIR filed by the Central Bureau of investigation (CBI) against the BSPL, its former managing director Sanjay Singal and others on charges of corruption.
The probe agency has also accused Singal of diverting funds out of loans taken by BPSL from 33 banks and financial institutions during 2007-2014 which were used for creation of assets, including equity investment in BPSL.
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