bpsl: Bhushan Steel Case: Rs 191 crore bungalow in Mumbai Worli tied | Bombay News


MUMBAI: The ED has provisionally attached a residential bungalow worth Rs 191 crore attached to Ceejay House, Worli, in the money laundering case linked to a bank fraud case against Sanjay Singal, ex-CMD of Bhushan Power & Steel Ltd (BPSL), and others. Previously, the ED had attached assets worth Rs 4,230 crore in the BPSL case.
Ceejay House, along with the bungalow, was built by Millenium Developer, a company of NCP leader Praful Patel. ED’s investigation found that the funds used for the purchase of the bungalow by Assurity Real Estate LLP had been diverted from BPSL and channeled through shell companies, projecting them as unsecured loans. The ED said it found that “the unsecured loans were made without any documentation or repayment obligation.”
Previously, the ED had investigated the bungalow purchase transaction in a separate money laundering case filed against the late drug trafficker Iqbal Memon aka Mirchi, as part of the land where Ceeyjay House and the bungalow were built belonged to Mirchi.
In the BPSL case, the ED said that the company and its directors had deliberately breached their obligation to repay loan amounts to lending banks and financial institutions on schedule and that their accounts remained continuously irregular. Subsequently, the lead bank, Punjab National Bank (PNB), declared BPSL’s accounts as a non-performing asset (NPA) in December 2015.
The ED registered a money laundering case against BPSL ex-CMD Sanjay Singal on the basis of CBI FIR in April 2019, where it was alleged that the company used loan facilities worth Rs 47 204 crore from 33 banks and financial institutions between 2007 and 2014 and defaulted on Payment.
The ED said BPSL and the other defendants had entered into a criminal conspiracy between themselves and with unknown bank officials to deceive banks and financial institutions. The ED is investigating that the defendants dishonestly and fraudulently embezzled huge amounts of bank funds through businesses, shell companies and entities and deliberately defaulted on bank loans.


Source link

Previous Not using preferred pronouns a human rights offense, Canadian tribunal rules
Next Many banks charge negative interest even on average balances

No Comment

Leave a reply

Your email address will not be published. Required fields are marked *