Money laundering case: ED attaches Rs 30.91 Cr aircraft of Bhushan Airways
New Delhi [India], June 9: In a money laundering case, the Enforcement Directorate (ED) has attached a Cessna 525 A CJ 2+ Aircraft valued at Rs 30.91 crore belonging to Bhushan Airways Services Pvt Ltd, a company controlled and owned by Sanjay Singal Ex-Managing Director of Bhushan Power and Steel Limited (BPSL)
The attachment was made as part of ED's ongoing investigations against BPSL and others, under the Prevention of Money-laundering Act (PMLA), 2002.
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According to the ED, they had attached various immovable and movable assets valued at Rs 4,423.36 crore in this case. Thus, the total attachment, in this case, comes to about Rs 4,454.27 crore so far.
The ED initiated a money-laundering investigation on the basis of the First Information Report registered by the Central Bureau of Investigation (CBI) dated April 5, 2019, under various sections of the Indian Penal Code and section 13(2) read with 13(1) (d) of Prevention of Corruption Act.
ED stated that, "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 and such proceeds of crime were used towards acquisition of the Cessna 525 A CJ 2+ Aircraft as well as for repayment of the bank loan taken for acquiring the aircraft."
The ED had earlier also filed a prosecution complaint or chargesheet before a special court against 25 accused and the court has taken cognizance of the offence.
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"Further investigation is under progress," ED further added.
-PTC News
