The Enforcement Directorate (ED) has arrested five individuals in connection with a Rs 56,000 crore bank loan fraud involving the former promoters of Bhushan Steel. Those arrested include Pankaj Kumar Tiwari, former vice-president (banking), Pankaj Kumar Agarwal, former VP accounts, Nitin Johri, former CFO, Ajay Mittal, brother-in-law of former promoter Neeraj Singal, and Archana Mittal, Ajay Mittal’s wife and sister of Neeraj Singal. The investigation revealed a scheme involving shell companies, forged documents, and fraudulent representations that caused wrongful loss to State Bank of India and Punjab National Bank.