India watchdog links over $500m Bhushan Power assets to fraud probe

Photo: Reuters

India’s financial fraud agency said on Saturday assets worth 40.25 billion rupees ($567.60 million) of Bhushan Power & Steel Limited were connected with a money-laundering probe, a move that could scupper the debt-ridden firm’s sale to JSW Steel Ltd.

The Enforcement Directorate said on Twitter that Bhushan Power’s land, building, plant and machinery were among the assets now associated with an ongoing banking fraud investigation into the firm’s former owners.

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