(Enforcement Directorate) ED has provisionally attached assets valued at Rs. 503.16 crore across Maharashtra, West Bengal, Bihar, Jharkhand, and Andhra Pradesh in a major bank fraud case. This case involves M/s Corporate Power Ltd, its Promoters, Directors—Manoj Jayaswal, Abhijeet Jayaswal, Abhishek Jayaswal—and several associates under the Prevention of Money Laundering Act (PMLA), 2002.
Details of Attached Assets
The ED’s attachment covers diverse assets including bank balances, mutual funds, shares, and multiple properties held by shell companies and family members of the accused. These assets were traced as part of a probe following a CBI FIR, which alleged that Corporate Power Ltd. manipulated project cost statements to secure bank loans.
Investigations Reveal Fraud of Rs. 4,037 Crore
According to the complaint lodged by Union Bank of India, fraudulent activities by Corporate Power Ltd. resulted in a financial loss of Rs. 4,037 crore (estimated at Rs. 11,379 crore with interest). The accused reportedly diverted funds secured from banks by inflating project costs and falsifying statements.
ED’s Earlier Actions and Ongoing Investigations
Before this attachment, ED had conducted searches in Nagpur, Kolkata, and Visakhapatnam, seizing crucial documents and freezing assets worth Rs. 223.33 crore. Cash amounting to Rs. 55.85 lakh was also seized. Investigations continue as the ED examines deeper financial trials in this high-profile case.
