The Enforcement Directorate (ED) has attached movable and immovable properties belonging to Ritu Singal, the wife of Neeraj Singal, the former promoter of Bhushan Steel Limited (BSL). The total value of the attached assets is approximately Rs 58.34 crore, as part of a money laundering investigation related to fund diversion from BSL, resulting in a loss of Rs 11,446.73 crore to financial institutions. The assets include land, residential property in Indore, Madhya Pradesh, equity shares, and bank balances held by Ritu Singal.
The ED’s action, carried out under the Prevention of Money Laundering Act (PMLA) 2002, was executed on June 24, 2026. This move follows a criminal complaint filed by the Serious Fraud Investigation Office (SFIO) against Bhushan Steel Limited, Neeraj Singal, and others, invoking scheduled offences under the PMLA. Investigations revealed that funds were diverted from BSL through purported genuine transactions, with Zinc Ingots meant for BSL plants being sold off the books in the open market, resulting in cash receipts by the accused.
Further scrutiny uncovered that the cash generated from these sales was utilized for obtaining bogus Long Term Capital Gain (LTCG) through accommodation entries from penny stock companies. The ED also noted a correlation between the unaccounted cash deposits in bank accounts and the siphoning of funds through the sale of Zinc Ingots. Earlier provisional attachments of assets worth Rs 61.38 crore in 2021 and Rs 367 crore in 2024 were made, with subsequent legal actions including the filing of Prosecution Complaints against Neeraj Singal, Ritu Singal, and others.
