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CBI issues LOC’s against Bhushan Power & Steel chairman & wife - Report

Steel News - Published on Thu, 25 Apr 2019

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PTI, citin sources, reported that India’s CBI has issued Look Out Circulars against chairman of Bhushan Power and Steel Ltd Mr Sanjay Singhal and his wife Ms Aarti, who is vice chairman of the company, in connection with cheating in loans worth over INR 2,348 crore, to prevent any attempt by the accused to leave the country without permission from the authorities.

A look out circular is a letter used by authorities to keep a tab on an individual. The Immigration authorities at all airports and entry-exit points across the country will have to inform the CBI if Singhal and his wife attempt to leave the country.

CBI had alleed that the company deliberately defaulted on repayment and also claimed inadmissible credit causing a loss approximately of over INR 2,348 crore to the banks. The agency had on April 6 carried out searches at 18 locations connected to the company after registering a case of cheating amounting to INR 2,348 crore against Singhal and others. The searches were carried out in a number of cities, including the Delhi-NCR, Chandigarh, Kolkata, Odisha, at the office and residential premises of the company, its directors and promoters and their associates in the bank fraud case. The CBI has also already booked Mr Sanjay Singhal, Ms Aarti Singhal, directors Mr Ravi Prakash Goyal, Mr Ram Naresh Yadav, Mr Hardev Chand Verma, Mr Ravinder Kumar Gupta and Mr Ritesh Kapoor besides unidentified public servants.

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Posted By : Sanju Moirangthem on Thu, 25 Apr 2019
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