ED Raids Multiple Locations in Bank Fraud Case Involving Bhushan Steel Promoters
In a major development, the Enforcement Directorate (ED) conducted extensive search and survey operations on October 13, 2023, across 30 locations in Delhi NCR, Haryana, Kolkata, Mumbai, and Bhubaneswar. This operation, carried out under the Prevention of Money Laundering Act (PMLA), 2002, was directly linked to a bank fraud case involving the promoters of Bhushan Steel Ltd.
During the meticulously executed search operations, the ED uncovered a wealth of incriminating documents and digital devices, further deepening the ongoing investigation. Additionally, a significant amount of cash amounting to ₹72 lakh was seized. Foreign currency and travelers’ cheques with an estimated value of ₹52 lakh were also found.
The ED’s actions did not stop there. In a surprising turn of events, three luxury cars, all Mercedes Benz, with a total acquisition value of approximately ₹4 crore were seized during the operation. This operation marks a significant step in the ongoing efforts to uncover the truth behind the alleged financial misconduct involving Bhushan Steel Ltd. The ED is determined to bring those responsible to justice and recover ill-gotten gains.
