The Directorate of Enforcement (ED) has attached movable and immovable properties worth ₹58.34 crore belonging to Ritu Singal, wife of Neeraj Singal, the promoter of erstwhile Bhushan Steel Limited (BSL), in connection with a massive money laundering case. The attachment, carried out on 24 June 2026 under the Prevention of Money Laundering Act (PMLA), 2002, is linked to an alleged diversion of funds from BSL that caused losses of ₹11,446.73 crore to financial institutions.

What Was Attached

The attached assets include immovable properties — land and a portion of a residential property — located in Indore, Madhya Pradesh, as well as movable assets comprising equity shares and bank balances held in the name of Ritu Singal. The ED's Delhi Zonal Office executed the attachment order, the agency confirmed in an official statement.

How the Fraud Was Allegedly Carried Out

According to the ED, the investigation revealed that Neeraj Singal and associates diverted funds from erstwhile BSL by disguising them as legitimate business transactions. A key mechanism involved Zinc Ingots purchased from Hindustan Zinc Limited for use at BSL's plants. Instead of being used as intended, these ingots were allegedly sold in the open market outside the company's official books, generating unaccounted cash.

That cash was then reportedly used to avail 'accommodation entries' — fictitious transactions — through bogus Long Term Capital Gain (LTCG) claims routed via various penny stock companies. The ED said the off-books cash generation was further corroborated by large unaccounted deposits found in bank accounts during the relevant period.

Background and Earlier Attachments

The ED initiated its investigation on the basis of a criminal complaint filed by the Serious Fraud Investigation Office (SFIO) against erstwhile BSL, Neeraj Singal, and others — invoking scheduled offences under the PMLA, 2002. This is not the first enforcement action in the case. The agency had previously made provisional attachments worth ₹61.38 crore on 8 November 2021 and ₹367 crore on 6 March 2024.

Notably, a Prosecution Complaint dated 8 August 2023 and a Supplementary Prosecution Complaint dated 7 March 2024 have already been filed against Neeraj Singal, Ritu Singal, and other accused persons. The PMLA Court has taken cognisance of both complaints.

What Comes Next

With the PMLA Court already seized of the matter, the case now moves deeper into the judicial process. The cumulative value of assets attached across all ED actions in this case now runs into hundreds of crores, signalling sustained enforcement pressure. The outcome of the court proceedings will determine whether the attached properties are formally confiscated.