New Delhi: The CBI has issued Look-Out Circulars (LOCs) against chairman of Bhushan Power and Steel Limited Sanjay Singhal and his wife Aarti, who is vice chairman of the company, in connection with cheating in loans worth over Rs 2,348 crore. The two have been accused of defrauding banks to the tune of Rs 2,348 crore.
A Look-Out Circular is issued by authorities to keep a tab on an individual. The order mandates immigration authorities at all airports and entry-exit points across the country to inform the CBI if Singhal and his wife attempt to leave the country.
The LOCs were issued recently to prevent any attempt by the accused to leave the country without permission from the authorities.
On April 6, the CBI had carried out searches at 18 locations connected to the company after registering a case of cheating against Singhal and others. Loans worth Rs 47,204 crore were availed from 33 banks and financial institutions from 2007 to 2014 and the company defaulted on their repayments, the CBI said.
The searches were carried out in a number of cities, including Delhi-NCR, Chandigarh, Kolkata and Odisha at the office and residential premises of the company, its directors and promoters, and their associates.
The CBI has already booked Sanjay Singhal, Aarti Singhal, directors Ravi Prakash Goyal, Ram Naresh Yadav, Hardev Chand Verma, Ravinder Kumar Gupta and Ritesh Kapoor besides unidentified public servants.
The company deliberately defaulted on repayment and also claimed inadmissible credit causing a loss approximately of over Rs 2,348 crore to the banks, the CBI had alleged.
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