New Delhi: The Enforcement Directorate (ED) has arrested five persons in connection with an alleged Rs 56,000 crore bank loan fraud against Bhushan Steel Limited.
The ED initiated the investigation based on the prosecution complaint filed by the Serious Fraud Investigation Office (SFIO) against Bhushan Steel, invoking scheduled offences under the Prevention of Money Laundering Act, 2002, , Enforcement Directorate (ED), Bhushan Steel Limited
Those taken into custody on Thursday are Pankaj Kumar Tiwari, the former vice president banking of the company, former VP accounts Pankaj Kumar Agarwal, ex-chief financial officer Nitin Johri, Ajay Mittal, the brother-in-law of former promoter Neeraj Singal, and Ajay Mittal s wife and sister of Neeraj Singal, Archana Mittal.
ED Arrests Five People In Bank Loan 'Fraud' Case Against Bhushan Steel menafn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from menafn.com Daily Mail and Mail on Sunday newspapers.
Five individuals have been arrested in connection with an alleged Rs 56,000 crore bank loan fraud-linked money laundering case against former Bhushan Steel Ltd. The case involves the alleged transfer of funds from one company to another through a chain of multiple entities, stemming from a charge sheet filed by SFIO