Former Bhushan Steel MD arrested for siphoning â¹2,000 crore
The Serious Fraud Investigation Office (SFIO) has arrested former promoter and MD of Bhushan Steel, Neeraj Singhal, for allegedly siphoning bank loans of over â¹2,000 crore. The investigating team found that erstwhile promoters used "complex, fraudulent manoeuvres" to divert funds raised from state-run banks using associate companies. Tata Steel acquired Bhushan Steel after insolvency resolution.