The Enforcement Directorate has attached assets of Sanjay Singal, former chairman and managing director of Bhushan Power and Steel Ltd., under India's anti-money laundering laws.
"The attached assets consist of movable, immovable properties in Delhi and London," ED said in a statement on Saturday. "An amount of Rs 204.31 crore was diverted out of bank loan funds of BPSL, which was utilised for acquisition of assets in India and abroad by Sanjay Singal.”
On Friday, ED filed a charge sheet against Singal and others before a special Prevention of Money Laundering Act court in New Delhi. The charge sheet, or the prosecution complaint, named 24 people and the company as accused. The court had issued production warrant against Singal for Jan. 21.
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Singal is at present in judicial custody after the ED arrested him in November last year.
The agency alleged that the accused had "diverted huge amount of funds" out of loans taken by Bhushan Power from 33 banks and financial institutions between 2007 and 2014, which were used for creation of assets.
These assets, ED said, included equity investment in Bhushan Power and movable and immovable properties in Delhi and London in the name of companies controlled by Singal. Over Rs 4,229 crore worth of attachment has been done by the agency in this case so far.
ED has alleged that Singal was the mastermind behind diversion of loan funds from Bhushan Power and Steel either in cash or through bank transfers via shell and group companies. The agency had filed a PMLA case on the basis of a CBI FIR against the accused.
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