The Enforcement Directorate’s (ED) Delhi office has provisionally attached movable and immovable properties worth about ₹58.34 crore in the name of Ritu Singal, wife of Neeraj Singal, the former promoter and Managing Director (MD) of Bhushan Steel Ltd.
This attachment, ordered under the Prevention of Money Laundering (PMLA) Act, 2002, includes land and part of a residential property in Indore, Madhya Pradesh, along with equity shares and bank balances. With this latest action, the total value of attached assets in the case has reached approximately ₹481.72 crore.
This move is part of an ongoing investigation into an alleged bank fraud involving loans ranging from ₹46,000 to ₹56,000 crore extended to Bhushan Steel by public sector banks, primarily the State Bank of India and Punjab National Bank.
The ED alleges that the promoters misappropriated funds through fraudulent activities, leading to substantial losses for the lenders. Investigations revealed that Neeraj Singal and his associates purportedly established around 150 shell companies to facilitate the movement of funds through complex networks. The diverted money was reportedly used to inject artificial capital into Bhushan Steel, purchase properties, and fund personal expenses.
The ED has cited instances of forged documents and fake letters of credit that banks accepted, with the proceeds subsequently funneled back to group companies or transferred through family members and proxies. Ritu Singal’s name has emerged in the investigation, with the ED asserting that significant amounts, including funds from Bhushan Steel, were routed to her via associates like Archana Ajay Mittal and her husband, Ajay S Mittal, who were arrested in January 2024 for allegedly managing around ₹80 crore in proceeds of crime. Properties held under fictitious names or through dummy directors have also been previously attached to prevent their concealment.
In March 2024, the ED attached assets worth approximately ₹367 crore linked to Bhushan Steel and related companies across Delhi, Mumbai, Kolkata, and Odisha. Earlier, ₹61 crore was seized in 2021. The latest order specifically targets assets held directly by Ritu Singal in Indore. Neeraj Singal was arrested by the ED in June 2023 and remained in custody until the Supreme Court granted him bail in September 2024, citing prolonged detention and delays in the trial. His mother, Uma Singal, and other family members have also come under investigation.
Under the provisions of the PMLA, provisional attachments must be validated by an adjudicating authority, which may lead to confiscation upon conviction. The ED emphasizes that these measures aim to prevent accused individuals from profiting from their alleged crimes.
“The case began with complaints from the Serious Fraud Investigation Office (SFIO) and related CBI FIRs, and is still under investigation. The total attachments exceeding ₹481 crore highlight the scale of the alleged diversion of public funds and underscore the agency’s ongoing efforts to recover the money through legal channels,” an ED official stated.
