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The Serious Fraud Investigation Office (SFIO) on Thursday arrested Neeraj Singhal, the erstwhile promoter and managing director of Bhushan Steel, for allegedly diverting loans accessed from banks. The arrest, the agency’s first since it was set up over 15 years ago, comes amid indications that the crackdown against corporate fraud may have entered a crucial phase.
The Serious Fraud Investigation Office (SFIO) on Thursday arrested Neeraj Singhal, the erstwhile promoter and managing director of Bhushan Steel, for allegedly diverting loans accessed from banks. The arrest, the agency’s first since it was set up over 15 years ago, comes amid indications that the crackdown against corporate fraud may have entered a crucial phase.
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