Enforcement Directorate links over $500 mn Bhushan Power assets to fraud probe
The financial fraud agency said on Saturday assets worth Rs 40.25 billion ($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. JSW Steel did not respond to an email request for comment outside of regular business hours on Saturday.
The company, which has the largest steel capacity in India, received the go-ahead last month from the National Company Law Tribunal to buy Bhushan Power in a deal that would give it access to steel and power plants in eastern India, where its rivals are stronger.
