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India’s Enforcement Directorate government agency has conducted a fresh set of searches against promoters and entities connected to Bhushan Steel Limited (BSL) as part of a money laundering probe related to an alleged INR 56,000 crore (USD 6.7 billion) bank fraud case.
As previously reported, the agency’s probe was based on a complaint that BSL and its directors prepared forged documents and used fraudulent means to obtain LCs (June 2023 DCW, p. 46).
On 13 October 2023, ED coordinated raids of 30 locations in Delhi and four other regions in India. According to the Deccan Herald, ED seized various incriminating documents and digital records during the search operations, including digital evidence hidden with key employees and confidants of former DSL Managing Director Neeraj Singal.
The ED also recovered some INR 124 lakh (USD 150,000) in cash, foreign currency, and travellers cheques as well as three luxury cars worth an estimated INR 4 crore (480,000).
Source: Deccan Herald