The Enforcement Directorate (ED) on Thursday said that it has arrested the promoter and managing director of a Mumbai-registered steel and power company in a money laundering case. The probe agency, according to the PTI report, stated that the money laundering case is linked to an alleged bank fraud.

The report by news agency PTI citing ED officials said that Abhay Narendra Lodha was taken into custody on Wednesday and that a special Prevention of Money Laundering Act (PMLA) court had sent him to ED custody till September 8.