ED Attaches Bhushan Steel’s Properties Worth Rs 367 Crore in Money-Laundering Probe

ED Attaches Bhushan Steel's Properties Worth Rs 367 Crore in Money-Laundering Probe

Asif Iqbal | March 8, 2024 | 10:47 PM IST | Crime, Delhi, India | Follow on Google News

ED Attaches Bhushan Steel’s Properties Worth Rs 367 Crore in Money-Laundering Probe

ED Attaches Bhushan Steel’s Properties Worth Rs 367 Crore in Money-Laundering Probe

Properties Attached Under PMLA, 2002 Provisions

The Directorate of Enforcement (ED) has attached movable and immovable properties of Bhushan Steel Limited worth approximately Rs 367 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The attachment is part of a money-laundering probe linked to an alleged bank-loan fraud by the company. The attached properties are located in Delhi, Mumbai, Kolkata, and Odisha and were held in the name of shell entities through dummy directors to conceal assets.

ED Attaches Bhushan Steel’s Properties:ED’s Statement on Property Attachment

The ED’s Delhi Zonal Office released a statement, saying, “ED Delhi Zonal Office has attached movable and immovable properties of M/s Bhushan Steel Limited under the provisions of PMLA, 2002, amounting to about Rs. 367 crore on 06.03.2024. The immovable properties were situated in Delhi, Mumbai, Kolkata, and Odisha. The attached properties were held in the name of benamidars/shell entities through dummy directors to conceal the assets and to ensure that they are out of reach of law enforcement agencies.”

ED Attaches Bhushan Steel’s Properties:Bail Granted to Woman Accused in Bhushan Steel Money Laundering Case

In February, the Rouse Avenue Court granted bail to a woman accused in the Bhushan Steel Limited money laundering case. The accused, Archana Ajay Mittal, was alleged to have entered into a criminal conspiracy with her husband, Ajay S Mittal, and ex-promoters of BSL. It was claimed that she mortgaged properties held by associate companies of BSL and raised loans, transferring Rs 35 crore to an NBFC Edelweiss.

ED Attaches Bhushan Steel’s Properties:Medical Condition Considered in Bail Grant

Special CBI judge Rajesh Kumar Goel granted bail to Archana Ajay Mittal, taking into account her medical condition and provisions related to granting bail to women accused under the Prevention of Money Laundering Act (PMLA). Bail conditions include furnishing a bail bond of Rs 10 lakh and one surety bond of the same amount. The allegations against Archana Ajay Mittal involve receiving Rs 45 crores in the financial year 2012-2013 from co-accused Brij Bhushan Singal, diverted from the proceeds of crime of BSL.

Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.