A Special court in Delhi on Saturday reserved the order on an application filed by the Enforcement Directorate (ED) seeking 14-days remand of Sanjay Singal, former chief managing director (CMD) of Bhushan Power and Steel Limited, in a bank loan fraud case.
The ED had arrested Singal under the Prevention of Money Laundering (PMLA) Act on Friday. He was produced before the court today.
During the course of proceedings, advocates Nitesh Rana and A R Aditya, representing the ED, told Special CBI Judge Illa Rawat that the accused did not cooperate with the agency during questioning. They said that Singal was evasive and gave misleading replies to their questions.
Advocates representing Singal, advocate Siddharth Aggarwal, Ranjana Roy, and Arshdeep Singh, strongly opposed the contentions made by the probe agency.
They said that their client is cooperating with the agency and the grounds cited by it to seek his custody are "factually incorrect". They also said that Singal is currently facing both physical and mental health issues.
The order on the ED custody is likely to be passed later in the day.
The ED had recently attached assets worth Rs 4,025 crore of Bhushan Power and Steel Ltd (BPSL).
"BPSL had used various modus operandi to siphon funds obtained as loans from various banks/financial institutions," the ED said in an official statement.
( With inputs from ANI )