The Enforcement Directorate has arrested five persons in connection with the alleged ₹56,000-crore bank loan fraud committed by Bhushan Steel Limited and others.
The arrested persons have been identified as Ajay Mittal, brother-in-law of promoter Neeraj Singal; his wife and the promoter’s sister, Archana Mittal; Bhushan Steel’s then chief financial officer Nittin Johari; then vice-president (Banking) Pankaj Kumar Tewari; and then vice-president (Accounts) Pankaj Kumar alias Pankaj Agarwal. The agency has three days’ custody of the five persons.
The ED had initiated the investigation based on the prosecution complaint filed by the Serious Fraud Investigation Office against Bhushan Steel. The complaint had invoked scheduled offences under the Prevention of Money Laundering Act (PMLA).
