CBI issued Look Out Circulars against Bhushan steel chairman, wife
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, 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 ...