ED s Nationwide Raids Uncover Bank Fraud of ₹56,000 Crore Linked to Bhushan Steel Promoters freepressjournal.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freepressjournal.in Daily Mail and Mail on Sunday newspapers.
The Enforcement Directorate (ED) has conducted search and survey operations at 30 locations, including Delhi NCR, Haryana, Kolkata, Mumbai, and Bhubaneswar, against the promoters of Bhushan Steel Limited (BSL) in connection with a bank fraud of Rs 56,000 crore. The investigation revealed that the promoters and directors of BSL formed several shell companies and rotated funds through a chain of multiple entities.
The court said that moratorium under Section 96 of the IBC comes into effect as soon as an application is filed by a creditor or debtor for insolvency proceedings under Section 94 or 95.