Bhushan Steel bank ‘fraud’ case: ED arrests 5 including ex-executives

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The Enforcement Directorate Friday said it has arrested five persons in connection with an alleged Rs 56,000 crore bank loan fraud linked money laundering case against erstwhile Bhushan Steel Ltd.
Former vice president (banking) of the company Pankaj Tewari, former VP (accounts) Pankaj Agarwal, ex-chief financial officer Nittin Johri, Ajay Mittal, the brother-in-law of former promoter Neeraj Singal, and Ajay Mittal’s wife and sister of Neeraj Singal, Archana Mittal were taken into custody under the Prevention of Money Laundering Act (PMLA) on Thursday, it said.
They were sent to three days ED custody by a court after they were produced over two days, the agency said.
After completing the corporate insolvency resolution process, Bhushan Steel was taken over by Tata Steel Ltd in 2018.
According to the ED, Bhushan Steel Limited’s former managing director Neeraj Singal and his associates formed several shell companies and the promoters and entities linked to BSL “rotated funds from one