Bhushan Steel's Fall From Fortune to Fraud
Update: 2025-09-23
Description
Bhushan Steel was among India's largest secondary steelmakers. It rode high on India's infrastructure boom, expanding operations fueled by massive debt. Its growth came to a screeching halt when the promoters and senior officials were accused of multi-thousand-crore accounting fraud involving shell companies, fake invoices, fund diversion, and round-tripping.
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