In its ongoing investigations against BPSL and others under the Prevention of Money-laundering Act (PMLA), 2002, the Directorate of Enforcement (ED) has provisionally attached proceeds of crime in the form of a Cessna 525 A CJ 2+ Aircraft valued at Rs. 30.91 Crore belonging to M/s. Bhushan Airways Services Private Limited is a company controlled and owned by Sanjay Singal, the former managing director of Bhushan Power & Steel Limited (BPSL). In this case, the ED had already attached numerous movable and immovable assets worth Rs. 4423.36 Crore, including residential and commercial properties in London, Mumbai, and Delhi. Consequently, the total attachment, in this case, is currently at Rs. 4454.27 crore.
Based on an FIR filed by the CBI on April 5, 2019, under various IPC sections and Section 13(2) r/w 13(1) (d) of the PC Act, 1988, against several suspects, including Bhushan Power and Steel Limited, Sanjay Singal, the then-MD BPSL, and others, for criminal conspiracy, cheating, forging documents with the intent to defraud, using forged documents as genuine, falsifying accounts, and criminal misconduct by a public
Investigations by the ED have shown that Sanjay Singal generated proceeds of crime by stealing loan money from BPSL and layering it through different entities under his control. These proceeds of crime were then used to pay for the purchase of the aforementioned aircraft as well as to repay the bank loan that was taken to do so.
The Hon’ble Special Court received a Prosecution Complaint from ED earlier this year against 25 defendants, and the Hon’ble Court has now recognised the offence. Further research is now being conducted.
