Indian Tycoon Arrested Over Alleged Fraud at Bhushan Steel

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Indian tycoon Neeraj Singal has been arrested for allegedly siphoning off funds from Bhushan Steel, one of the biggest companies targeted under the country’s new bankruptcy act, the Financial Times reported. India’s Serious Fraud Investigation Office said late on Thursday that the businessman had been put in custody connected with “serious corporate fraud”. Mr Singal could not immediately be reached for comment. Bhushan Steel was one of a cluster of metals groups that expanded enthusiastically over the past decade using credit from state-controlled banks — only to be plunged into financial distress by dips in demand and market prices.  The founding Singal family lost control of the company this year after the central bank forced insolvency action, leading to its acquisition by Tata Steel. Read more. (Subscription required.)