Bhushan Steel Assets Worth 4025 Crores Confiscated

Tue Oct 15 2019 19:37:33 GMT+0530 (IST)

In the case of bank frauds, authorities have seized assets worth Rs 4000 crore from Bhushan Power and Steel. In total, foreclosures are estimated at Rs 4025.23 crore. Enforcement officials decided to immediately confiscate the company's case two days ago. They have revealed that the lands, buildings, plants, and machinery were confiscated under the Prevention of Money Laundering Act. The total value of assets in Odisha is Rs. 4025.23 crore. In this case, this is the first property to be confiscated.ED officials have noted that Bhushan PowerSteel has defaulted on loans to banks by transferring various loans. During Sanjay Singhal's tenure as CMD of the company, his family showed 695.14 crores in BPSL (Bhushan Shingal Steel Limited). It was found out that artificially mobilized long-term capital gains were shown to transfer the bank loans.



ED officials have filed a Monet laundering case. The CBI has registered an FIR based on AFIR and filed a case against Sanjay Singh Singhal and others on corruption charges. They have shown that BPSL has made payments to various companies through the RTGS system, made transactions in the form of bogus purchases and showed that they have purchased large machinery. Artificial LATCG was created by increasing the price of small stocks largely and purchased and then selling them. Another 3300 crore equity capital has been invested by promoter Companies.BPSL has managed and paid various companies in the form of advances. Data entry operators have managed these bogus companies. The ED officials have identified that in this case, they have practiced corruption by showing the money obtained by doing these transactions as equity according to the debt-equity ratio.