Bank Fraud: ED arrests two promoters of oil firm

The Enforcement Directorate has arrested two promoters of a Delhi-based oil and gas integrated services provider company on money laundering charges in an alleged bank fraud case of more than Rs 300 crore, official sources said Thursday.

Prem Singhee and Padam Singhee of the SVOGL Oil Gas and Energy Ltd. have been taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said.

The two will be produced before a local court in the national capital where the ED will seek their remand for custodial interrogation.