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The Central Bureau of Investigation (CBI) has arrested Neeraj Singhal, Vice Chairman of Bhushan Steel, in connection with the Syndicate Bank bribery case, officials at the investigative agency said on Thursday. The case has led to the suspension of Sudhir Kumar Jain, Chairman and Managing Director of the bank.
Officials added that Singhal’s arrest is under a non-bailable warrant. Bhushan Steel shares plunged again on the BSE on Thursday, hitting the lower circuit, at ₹243.70.
Bhushan Steel is one of the prime accused in the bribery case. BusinessLine had reported that the CBI had recovered the bribe amount of ₹50 lakh from Sudhir Kumar Jain.
The CBI has alleged that Bhushan Steel paid a bribe of ₹50 lakh to Jain to prevent the bank from declaring a ₹150-crore loan to the company a non-performing asset.
A sessions court on Wednesday had rejected Singhal’s appeal for anticipatory bail.
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