ED Provisionally Attached Cessna 525 A CJ 2+ Aircraft Worth Rs.30.91 Crore of M/s. Bhushan Airways Services Private Limited

The Enforcement Directorate (ED) in its ongoing investigations against BPSL and others, the 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, a company controlled and owned by Sanjay Singal, ex-Managing Director of Bhushan Power & Steel Limited (BPSL), on 08.06.2022. In this instance, the ED had already attached numerous immovable/movable assets worth Rs.4423.36 crore (including residential/commercial properties in London, Mumbai, and Delhi). So far, the total attachment, in this case, is over Rs.4454.27 crore.

On the basis of an FIR filed by the CBI on April 5, 2019, under various sections of the IPC and Section 13(2) r/w 13(1) (d) of the PC Act, 1988, the ED launched a money-laundering investigation into Bhushan Power and Steel Limited, Sanjay Singal, the then-MD of BPSL, and others for Criminal Conspiracy, Cheating, Forgery for the Purpose of Cheating, Use of Fake Documents as Genuine, Falsification

Sanjay according to ED investigations, Singal generated Proceeds of Crime by syphoning loan funds from BPSL and layering them through various entities under his control, and these proceeds of crime were used towards the acquisition of the said Aircraft as well as the repayment of the bank loan taken for the acquisition of the said Aircraft.
The ED had already filed a Prosecution Complaint against 25 accused before the Hon’ble Special Court, which had taken cognizance of the case.

Further investigation is under progress