The Enforcement Directorate (ED) has attached assets worth Rs 503.16 crore of Nagpur-based businessman Manoj Jayaswal, his power company, Corporate Power Limited, and other promoters in a high-profile bank fraud case.
Assets—including properties, buildings, bank balances, mutual funds, and shares—were found at various locations in Maharashtra, West Bengal, Bihar, Jharkhand, Andhra Pradesh as part of an investigation into Corporate Power Limited and its directors: Manoj Jayaswal, Abhijeet Jayaswal, Abhishek Jayaswal, and others.
According to the ED, these buildings and properties were found under the names of many shell companies, as well as the names of Manoj Jayaswal, his company, and family members.
The ED investigation stems from a CBI FIR filed against Corporate Power Limited and its owners for criminal conspiracy, cheating, and forgery, following a complaint by Union Bank of India.
It is alleged that the accused submitted altered project cost statements to obtain loans and misused bank funds, resulting in undue losses of Rs 4,037 crore (Rs 11,379 crore including interest).
Earlier in the case, the ED conducted searches in Nagpur, Kolkata, and Visakhapatnam, and seized various documents and frozen crime proceeds–a total of Rs 223.33 crore in listed stocks and securities, mutual funds, fixed deposits, and bank balances. A sum of Rs 55.85 lakh was also seized.
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