Bhushan Power and Steel Limited former CMD arrested by Enforcement Directorate

The Enforcement Directorate, on Friday, arrested Sanjay Singal, former Chairman of Bhushan Power and Steel Limited in connection with an ongoing money laundering probe against him.

ET had reported on October 19 that ED in its probe report had said that BPSL chairman Sanjay Singal had devised a “brilliant scheme to dress up the books of accounts” of the company.

“BPSL had devised a peculiar modus operandi to siphon funds obtained as loans from various banks/financial institutions,” the ED said. “Singals did not use the bank funds for the purpose for which the same were sanctioned, committed forgery and falsified accounts, causing wrongful loss to the lending banks.”