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Bhushan Power and Steel case: ED attaches aircraft worth ₹30.91 crore – Mrit News

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The Enforcement Directorate (ED) has provisionally attached a Cessna aircraft worth ₹30.91 crore of the Bhushan Airways Services Private Limited (BASPL) in connection with the money laundering case involving the Bhushan Power and Steel Limited (BPSL) and others.

The BASPL is controlled and owned by Sanjay Singal, the former managing director of BPSL. Earlier, the agency had attached various immovable and movable assets valued at ₹4,423.36 crore in the same case. They included residential and commercial properties in Delhi, Mumbai and London.

The ED probe is based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) on April 5, 2019, against the BPSL, Mr. Singal and others, alleging criminal conspiracy, cheating, forgery, use of forged documents as genuine, falsification of accounts and criminal misconduct by public servants.

According to the ED, its investigation revealed that Mr. Singal generated the proceeds of crime by diverting the loan funds from the company and layered it through various entities under his control. A part of the money was allegedly used to acquire the aircraft and also to repay the bank loan taken for the purpose.

The agency had earlier filed a chargesheet against 25 accused persons and also arrested Mr. Singal in November 2019. A special court has taken cognisance of the allegations.

As alleged, the company took loans to the tune of ₹47,000 crore from 33 financial institutions and banks during 2007-14 and defaulted on repayments.


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