Former BPSL CMD Mr Sanjay Singal Arrested

Release time：Nov 26, 2019 From：admin

The Enforcement Directorate has arrested former Bhushan Power and Steel Ltd CMD Mr Sanjay Singal in connection with its probe in a multi crore money laundering case linked to an alleged bank loan fraud. According to Enforcement Directorate officials, Mr Sanjay Singal was arrested under the Prevention of Money Laundering Act after he was questioned for several hours in the evening in connection with the case. They said “Mr Sanjay Singal was placed under arrest as he was not cooperating in the probe.”

The Enforcement Directorate said that "An amount of INR 695.14 crore was introduced as capital by Mr Sanjay Singal, the then CMD of the company, and his family members in BPSL out of artificially generated long-term capital gains by diversion of bank loans fund of BPSL.”

The CBI's FIR had alleged that BPSL, through its directors and staff, fraudulently diverted about INR 2,348 crore from the loan account of Punjab National Bank Delhi and Chandigarh, Oriental Bank of Commerce Kolkata, IDBI Bank Kolkata and UCO Bank Kolkata into the accounts of various companies or shell companies without any obvious purpose and thereby misused the funds.