NEW DELHI: The
CBI has issued
look out circulars
(LOCs) against chairman of
Bhushan Power and Steel
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, sources said. The LOCs have been opened recently to prevent any attempt by the accused to leave the country without permission from the authorities, the sources said.
A look out circular is a letter used by authorities to keep a tab on an individual. The immigration authorities at all airports and entry-exit points across the country will have to inform the CBI if Singhal and his wife attempt to leave the country. The agency had on April 6 carried out searches at 18 locations connected to the company after registering a case of cheating amounting to Rs 2,348 crore 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 the Delhi-NCR, Chandigarh, Kolkata and Odisha, at the office and residential premises of the company, its directors and promoters and their associates in the bank fraud case.
The CBI has also already booked Sanjay & Aarti Singhal, directors Ravi Prakash Goyal,
Ram Naresh Yadav
, Hardev Chand Verma,
Ravinder Kumar
Gupta and one Ritesh Kapoor besides unidentified public servants.
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