Accused of siphoning off funds from the loans availed by debt-struck Bhushan Steel, Neeraj Singal, former promoter and Managing Director of the firm has been arrested by Serious Fraud Investigation Office (SFIO) today. He was guilty of siphoning off funds worth more than Rs 2,000 crore, out of what the company had availed in form of loans, using over 80 companies, Ministry of Finance said in a series of tweets. The accused used these firms to rotate the funds through fake loans, advances and investments for carrying out fraudulent activities, the Ministry said. Neeraj Singhal was produced before the court on Thursday and later sent to the judicial custody till 14 August, 2018. Such fraudulent activities and bogus payments were one of the primary reasons for the firm becoming insolvent. Bhushan Steel was part of one of the high-profile cases which were referred to the insolvency resolution by banks. An investigation by SFIO in this case is still on. Meanwhile, Tata Group has taken over the management of Bhushan Steel from the Singhals.