ED arrests industrialist for defrauding bank

The Enforcement Directorate (ED) on Friday arrested promoter-director of city-based steel maker Ramsarup Industries, Ashish Jhunjhunwala, for allegedly defrauding a nationalised bank, agency sources said on Friday.

According to the sources, he had taken a loan of around Rs 185 crore from a nationalised bank and diverted the money for a purpose other than the one for which it was sought.

The ED has got Jhunjhunwala's custody till November 25, the sources said.