The Enforcement Directorate (ED), Nagpur sub-zonal office, has provisionally attached movable and immovable assets located at various places across Maharashtra, West Bengal, Bihar, Jharkhand and Andhra Pradesh. The attached assets valued at ₹503.16 crore is related to a bank fraud case of M/s Corporate Power Limited and their promoters and directors Manoj Jayaswal, Abhijeet Jayaswal, Abhishek Jayaswal and others under the provisions of Prevention of Money Laundering Act (PMLA), 2002. “The assets were attached on October 24, 2024,” the ED officials said in a press statement on Monday (October 28, 2024).
The attached properties include bank balances, mutual funds, shares, various landed properties, and buildings acquired in the name of various shell companies.
“The ED initiated the investigations on the basis of FIR registered by the Central Bureau of Investigation (CBI) against M/s Corporate Power Limited and its promoters and directors and others for offences of criminal conspiracy, cheating and forgery. As per the complainant, Union Bank of India, the accused persons had submitted manipulated project cost statements to avail loans and also diverted the bank funds, causing wrongful loss to the tune of ₹4,037 Crore and ₹ 11,379 Crore including interest,” the ED officials said.
Earlier in this case, the investigation agency had carried out search operations at various locations in Nagpur, Kolkata and Visakhapatnam and seized various incriminating documents including frozen Proceeds of Crime consisting of ₹223.33 Crore worth of listed shares and securities, mutual funds, fixed deposits, bank balances and cash amounting to ₹ 55.85 lakh. Further investigation in the matter is under progress.
Published - October 28, 2024 12:54 pm IST
