The Serious Fraud Investigation Office (SFIO) arrested Aarti Singal, the former vice-chairman of cash-strapped Bhushan Power & Steel Ltd (BPSL) on Monday in charges of financial irregularities, The Economic Times reported.
The SFIO is probing corporate governance violation charges against the former promoters of BPSL.
Some more agencies such as the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) are also investigating the scam. The CBI had in 2019 issued look out circulars against Aarti and her husband, Sanjay Singal, prohibiting the duo from travelling abroad, the report said.
In the same year itself, SFIO had filed a chargesheet, naming 285 individuals and entities.
A 2019 SFIO report said that the Singhals used to pay a substantial amount of salary to their employees “in cash”, particularly before the November 2016 demonetisation of old 500 and 1000 rupee banknotes.
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