Sanjay Singal, the Chairman and Managing Director of Bhushan Power and Steel Ltd (BPSL), allegedly transferred money to shell companies under the guise of buying capital goods, then either routed the money back to BPSL as equity so as to borrow more money from banks or laundered it to buy property according to a charge sheet filed by the Enforcement Directorate against him and 24 others by the Enforcement Directorate on Friday.
Singhal bought a house in one of the most expensive apartment buildings in the world, One Hyde Park, in Knightsbridge, London worth Rs 162 crore and another in Delhi’s posh Jor Bagh for Rs 74 crore using laundered money, ED claimed.
ED’s special prosecutor Nitesh Rana informed the court while filing the charge sheet that Sanjay Singal was the “mastermind” behind diversion of loans taken from various banks by “dressing up” the books of accounts of BPSL.
