ED attaches Rs 30 crore aircraft of ex-MD of Bhushan Power & Steel
India Today
The ED has attached a Rs 30.91 crore aircraft belonging to Sanjay Singal, former MD of Bhushan Power & Steel Limited, in a money laundering case.
The Enforcement Directorate (ED) has attached a Cessna aircraft, valued at Rs 30.91 crore, in connection with a money laundering case against Bhushan Power and Steel Limited (BPSL).
In a statement, the agency said, “Directorate of Enforcement (ED) has provisionally attached proceeds of crime in the form of a Cessna 525 A CJ 2+ Aircraft valued at Rs. 30.91 Crore belonging to M/s. Bhushan Airways Services Private Limited, a company controlled and owned by Sanjay Singal Ex- Managing Director of Bhushan Power and Steel Limited (BPSL), in its ongoing investigations against BPSL and others, under the Prevention of Money-laundering Act (PMLA), 2002 on 08.06.2022.”
Earlier, the agency had attached various immovable and movable assets valued at Rs. 4423.36 crore (including residential and commercial properties at London, Mumbai and Delhi) in this case. The total attachment in this case has come up to about Rs. 4454.27 crore so far.
ED initiated money laundering investigation on the basis of FIR registered by CBI in April 2019. The case was filed under various sections of IPC and Section of Prevention of Corruption Act against various suspects, including Bhushan Power and Steel Limited, Sanjay Singal, the then MD BPSL and others for criminal conspiracy, cheating, forgery for purpose of cheating, use of forged documents as genuine, falsification of accounts, and criminal misconduct by public servant.
Investigations by ED have revealed that Sanjay Singal generated proceeds of crime through siphoning of loan funds from BPSL and layered it through various entities under his control. The agency said that the proceeds of crime were used towards acquisition of the Cessna aircraft as well as for repayment of the bank loan taken for acquiring the said aircraft.
ED had earlier also filed a prosecution complaint before special court against 25 accused and the court has taken cognizance of the offence.
ED said further investigation is under progress in the case.
