INSUBCONTINENT EXCLUSIVE:
(BPSL) in connection with its money laundering probe linked to an alleged bank loan fraud.The central probe agency said it had attached the
total value, under the provisional order for attachment, is Rs 4,025.23 crore.This is the first attachment in the case and more is
expected.The Enforcement Directorate, in a statement, alleged that BPSL used various modus operandi to siphon funds obtained as loans from
various banks."An amount of Rs 695.14 crore was introduced as capital by Sanjay Singal (the then CMD of the company) and his family members
in BPSL out of artificially generated long term capital gains (LTCG) by diversion of bank loans fund of BPSL," it said.LTCG was exempted
from income tax during the relevant time, it added.The Enforcement Directorate's case of money laundering was filed after studying the CBI
FIR registered against the company, Sanjay Singal and others on charges of corruption.The agency charged that BPSL had also made RTGS
payments to various entities against "fictitious purchases" of capital goods.Against RTGS payments, these entities had transferred cash to
BPSL which was ultimately traced to have been used for generation of artificial LTCG by jacking up the prices of penny stocks by way of
synchronised trading, the Enforcement Directorate said.Another amount of Rs 3,330 crore invested as equity (share capital and premium) by
promoter companies was also found to have been routed out of the funds obtained as various loans and diverted from accounts of BPSL in the
shape of advances shown to various shell companies operated by the different entry operators, it said.The proceeds of crime in this case,
the agency said, were laundered by way of introduction into the books of accounts as equity for window dressing the debt equity ratio.Get
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