The Enforcement Directorate has arrested Sanjay Singal, former CMD of Bhushan Power and Steel (BPSL), in connection to a multi-crore money laundering probe. Around ₹695 crore was allegedly introduced as capital by Singal and his family in BPSL out of artificially generated long-term capital gains (LTCG) by diverting bank loan funds. LTCGs were exempted from income tax at the time.