Serious Fraud Investigation Office (SFIO) on Monday filed a 70,000-page complaint in the matter of Bhushan Steel Limited (BSL) at a special court here in Dwarka.According to the complaint, BSL had defaulted on loans following which the banks had to take a haircut of more than Rs 20,000 crore as a part of the resolution process.SFIO had earlier arrested Neeraj Singal, former Managing Director (MD) of BSL and Nittin Johari in the ongoing case. Singal is currently out on the interim bail.The investigation of SFIO had among other things unearthed fraudulent misuse of Letter of Credits (LoCs) to the tune of around Rs 45,000 crore by the two along with BB Singal, former chairman of BSL in collusion with others.According to the complaint, the gross misuse of the first time adoption of Indian Accounting Standards (IndAS) in misstating the financial statements of the company by fraudulently overvaluing their assets by around Rs 15,000 crore to inter alia write off inventory of around Rs 6000 ..
