ED links over ₹4,025 crore Bhushan Power assets to fraud probe
India’s financial fraud agency said on Saturday assets worth ₹4,025 crore ($567.60 million) of Bhushan Power & Steel Limited were connected with a money-laundering probe, a move that could scupper the debt-ridden firm’s sale to JSW Steel Ltd
The Enforcement Directorate said on Twitter that Bhushan Power’s land, building, plant and machinery were among the assets now associated with an ongoing banking fraud investigation into the firm’s former owners.
In a statement late on Saturday, JSW Steel said the agency’s move “vindicates” its position to seek legal immunity against the seizure of Bhushan Power’s assets.
