CBI issued Look Out Circulars against Bhushan steel Chairman, wife

April 25 , 2019 ;

The Central Bureau of Investigation (CBI) has issued look out circulars (LOCs) against chairman of Bhushan Power and Steel Limited (BPSL) Sanjay Singal and his wife Aarti in connection with a case of loan default to the tune of over Rs 2,348 crore.

CBI sources said the LOCs have been opened recently in anticipation of the accused making an attempt to leave the country.

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.

The agency had on April 6 carried out searches at 18 locations connected to the company after registering a case of cheating amounting to Rs 2,348 crore against Singhal and others. According to CBI, BPSL availed of loans worth Rs 47,204 crore from 33 banks and financial institutions from 2007 to 2014 but defaulted on their repayments.

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 Sanjay Singhal, Aarti Singhal, directors Ravi Prakash Goyal, Ram Naresh Yadav, Hardev Chand Verma, Ravinder Kumar Gupta and one Ritesh Kapoor besides unidentified public servants.

The Central agency has alleged that the company deliberately defaulted on repayment and also claimed inadmissible credit causing a loss approximately of over Rs 2,348 crore to the banks.

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