SFIO Reveals Bhushan Steel Promoters forged Banks to Avail Fund of INR 46,000 Crore
Highlights
Bhushan Steel - Brij Bhushan Singal and Neeraj Singal, who have used illegal means to receive bank loans to the amount of INR 45,800 crore during 2013/14 and 2016/17.The investigation also discovered that these funds were transferred through a web of 157 companies.The investigation surfaced that by using fake documents, the Singals with the assistance of bankers and statutory auditors and other company staff managed to get a fund of up to INR 45,818 crore between 2013-14 and 2016-17.
Serious Fraud Investigation Office (SFIO) unearthed ex-promoters of Bhushan Steel - Brij Bhushan Singal and Neeraj Singal, who have used illegal means to receive bank loans to the amount of INR 45,800 crore during 2013/14 and 2016/17.
In the charge sheet filed by the SFIO, accused both the...