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ED attaches assets of ₹503.16 cr in ₹4, 037 cr bank fraud case
The ED has attached assets worth ₹503.16 crore linked to a ₹4,037 crore bank fraud case involving Corporate Power Limited and its promoters.
MUMBAI: The Enforcement Directorate (ED) has provisionally attached movable and immovable assets worth ₹503.16 crore as part of its money-laundering investigation related to an alleged ₹4,037 crore bank fraud case against Corporate Power Limited, its promoter-directors and others.
The firm’s promoters -directors Manoj Jayaswal, Abhijeet Jayaswal and Abhishek Jayaswal, along with others, are under the ED probe’s scanner. The attached assets are spread across Maharashtra, Andhra Pradesh, Jharkhand, Bihar and West Bengal. Agency sources said that the attached properties like bank balances, mutual funds, shares, landed properties and buildings, were allegedly acquired in the names of multiple shell firms, the accused firm and the relatives of one of the firm’s directors. The ED attached the assets on Thursday.
The ED had initiated investigation after a case was registered by the Central Bureau of Investigation (CBI) against Corporate Power Limited, its promoter directors and others for alleged offences of criminal conspiracy, cheating and forgery.
Based on a complaint from Union Bank of India, the CBI registered a case, alleging that the accused persons had submitted manipulated project cost statements to access loans and subsequently diverted the bank funds, causing wrongful loss of ₹4,037 crore ( ₹11,379 crore including the interest) to the public sector bank.
Earlier, ED had carried out search operations at various locations in Nagpur, Kolkata and Visakhapatnam as part of the investigation in this case. They seized various “incriminating documents” and frozen alleged proceeds of crime worth ₹223.33 crore. The frozen proceeds of crime included listed shares and securities, mutual funds, fixed deposits and bank balances. The ED had also seized cash of ₹55.85 lakh during the search operations.
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