In Bhushan Steel case, ED attaches assets worth Rs 367 crore

The Enforcement Directorate (ED) said on Friday that, as part of a money-laundering investigation connected to an alleged bank loan scam against Bhushan Steel Limited (BSL), it has attached immovable properties worth Rs 367 crore in Delhi, Mumbai, Kolkata, and some Odisha towns.

The ED stated in a statement that assets kept “in the name of benamidars/shell entities through dummy directors so as to conceal them and ensure that they are out of the reach of law enforcement agencies” have been subject to a temporary order under the PMLA.

In 2018, Tata Steel Limited acquired BSL after the conclusion of the corporate insolvency resolution procedure (CIRP). BSL, its managing director, Neeraj Singal, and others have been charged by the ED with creating “several shell companies.”

“They transferred money across businesses by means of a network of interconnected organizations. According to the statement, “the funds were disbursed to infuse capital, purchase real estate, and for other personal purposes not intended by the banks.”