India, March 28 -- A special court has remanded the chairperson and managing director (CMD) of Vindhyavasini Steel Corporation Pvt Ltd (VSCPL), Vijay Rajendraprasad Gupta, to the custody of the Enforcement Directorate (ED) till April 2, in a bank fraud case.

The ED submitted that the company had acquired credit facilities and loans from the State Bank of India (SBI), using forged documents such as an inflated Memorandum of Understanding, forged technical economic viability reports, and inflated valuation reports of properties. The prosecution claimed that Gupta had bribed auditors to create false accounts, contending that the company had generated proceeds of crime amounting to Rs.764.44 crore.

The special public prosecutor submitted th...