SFIO Arrests Bhushan Steel's Former Promoter Neeraj Singal for Siphoning Off Funds
Singal was arrested in the national capital and has been sent to judicial custody till August 14, the official added.
The probe agency, which comes under the Corporate Affairs Ministry, got powers to arrest people for violations of companies law last year.
In another tweet, the ministry said fraudulent activities contributed to the company becoming insolvent.
"Bhushan Steel Limited is one of the 12 big cases that had been referred for insolvency resolution by banks. Tata Group has taken over management of the company from the Singals. SFIO investigation is on-going," it said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)