The directorate of enforcement (ED) has provisionally attached movable and immovable assets worth about ₹58.34 crore belonging to Ritu Singal, wife of Neeraj Singal, the promoter of the erstwhile Bhushan Steel Ltd (BSL), in a money laundering case linked to an alleged bank fraud of ₹11,446.73 crore.
The attachment was carried out by the ED's Delhi zonal office on 24 June 2026 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
According to the ED, the attached assets include land and part of a residential property in Indore, Madhya Pradesh. The agency has also attached equity shares and bank balances held in the name of Ritu Singal.
The money laundering investigation stems from a criminal complaint filed by the Serious Fraud Investigation Office (SFIO) against the erstwhile Bhushan Steel, Mr Singal and others. The complaint alleged scheduled offences under the PMLA, enabling the ED to initiate its investigation.
According to the ED, its investigation found that Mr Singal and his associates allegedly diverted funds from the erstwhile Bhushan Steel by disguising transactions as legitimate business dealings, resulting in losses of ₹11,446.73 crore to financial institutions.
The agency alleged that zinc ingots purchased from Hindustan Zinc Ltd for use at Bhushan Steel's manufacturing plants were diverted and sold in the open market without being recorded in the company's books of account.
According to the ED, the alleged off-the-books sales generated substantial amounts of cash, which was subsequently used to obtain accommodation entries in the form of bogus long-term capital gains (LTCG) through various penny stock companies.
The agency further claimed that the alleged money trail was corroborated by significant deposits of unaccounted cash into bank accounts during the relevant period.
This is the third major attachment in the case.
Earlier, the ED had provisionally attached assets worth ₹61.38 crore on 8 November 2021, followed by another attachment of assets worth ₹367 crore on 6 March 2024.
The agency also filed a prosecution complaint on 8 August 2023, followed by a supplementary prosecution complaint on 7 March 2024, against Mr Singal, Ritu Singal and other accused.
According to the ED, the Special PMLA Court has taken cognisance of both prosecution complaints.
The agency said its investigation into the alleged money laundering case is continuing.
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