On Monday, the Enforcement Directorate (ED) seized assets worth Rs 503.16 crore spread across several states, including Maharashtra, West Bengal, Bihar, Jharkhand, and Andhra Pradesh.
This action is part of an ongoing investigation into an alleged bank fraud totaling Rs 4,037 crore linked to Corporate Power Limited and its key figures.
The ED’s decision to attach the assets, which range from bank accounts to real estate holdings, announced on Monday.
The affected properties include various financial instruments, such as mutual funds and shares, as well as land and buildings registered under multiple shell companies tied to Corporate Power Limited. Meanwhile, this operation executed on 24 October.
The inquiry stems from a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) against Corporate Power Limited and its executives, including promoters Manoj Jayaswal, Abhijeet Jayaswal, and Abhishek Jayaswal.
They face serious allegations under the Prevention of Money Laundering Act (PMLA) of 2002, including criminal conspiracy, forgery, and cheating.
According to the Union Bank of India, which lodged the complaint, the accused allegedly manipulated project cost estimates to secure loans and misappropriated bank funds.
This misconduct purportedly led to significant financial losses, estimated at Rs 4,037 crore, which swells to Rs 11,379 crore when including accrued interest.
Previously, the ED conducted extensive searches in key locations such as Nagpur, Kolkata, and Visakhapatnam, uncovering critical documents related to the case.
In this prior operation, the agency also froze assets believed to be linked to the alleged fraud, including Rs 223.33 crore in shares, securities, and other financial holdings, alongside cash totaling Rs 55.85 lakh.
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