New Delhi, July 2: The Enforcement Directorate (ED) has seized assets worth approximately ₹58.34 crore belonging to Ritu Singhal, wife of Neeraj Singhal, the former promoter of Bhushan Steel Limited (BSL).
In a statement, the ED announced that these assets were confiscated in connection with a money laundering investigation. The properties are linked to the manipulation of funds under the guise of legitimate transactions by the former BSL, which resulted in a loss of ₹11,446.73 crore to financial institutions.
The assets were seized on June 24, 2026, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The seized assets include real estate located in Indore, Madhya Pradesh, as well as equity shares and bank balances held in Ritu Singhal’s name.
The ED initiated the investigation based on a criminal complaint filed by the Serious Fraud Investigation Office (SFIO) against former Bhushan Steel Limited, Neeraj Singhal, and others. The complaint alleges scheduled offenses under the PMLA, 2002.
The investigation revealed that Neeraj Singhal and his associates misappropriated funds from former Bhushan Steel Limited under the pretext of legitimate transactions, leading to significant financial losses.
Additionally, the ED found that zinc ingots purchased from Hindustan Zinc Limited were illegally sold in the open market by the accused, resulting in cash payments. The cash obtained from the illegal sale of zinc ingots was reportedly used for fraudulent long-term capital gains (LTCG) involving various penny stock companies.
The ED further stated that the manipulation of cash through the illegal sale of zinc ingots is corroborated by a substantial amount of undisclosed cash deposited in bank accounts during the relevant period.
Previously, the ED had temporarily seized assets worth ₹61.38 crore on November 8, 2021, and ₹367 crore on March 6, 2024. A charge sheet against Neeraj Singhal, Ritu Singhal, and other accused was filed on August 8, 2023, with a supplementary charge sheet submitted on March 7, 2024, which has been acknowledged by the PMLA court.
Leave a Comment