New Delhi: The Enforcement Directorate (ED) has filed its first chargesheet in the money laundering case related to Bhushan Power and Steel Ltd (BPSL). The chargesheet, filed on Friday in a Delhi Court, pertains to an alleged multi-crore bank loan fraud.
The ED has claimed the BPSL's former chairman and managing director, Sanjay Singhal siphoned off funds to the tune of Rs 4025.23 crore that were obtained in the guise of loans, from different banks.
In July 2019, the ED had attached BPSL assets, located in Odisha, worth more than Rs 4025 crore. Plant and machinery, land and buildings of BPSL had been attached as per the provisions of the Prevention of Money Laundering Act (PMLA).