ED Attaches Assets Worth ₹67 Crore In Multi-Crore Bank Fraud Case

Mumbai: The Enforcement Directorate (ED), Nagpur, has provisionally attached movable and immovable properties worth Rs67.79 crore in a money laundering case registered against M/s Corporate Power Ltd and its promoters/directors Manoj Jayaswal, Abhijeet Jayaswal, Abhishek Jayaswal and others.

With this, the value of assets attached/frozen/seized, so far, has risen to a whopping Rs 571 crore. The agency's probe is based on an FIR registered by the Central Bureau of Investigation against the firm and the Jayaswals for criminal conspiracy, cheating and forgery.

Complaint by Union Bank of India

The case was registered following a complaint by the Union Bank of India, which has accused the firm of fraudulently availing credit facilities, while citing the plan to set up a coal-based power plant. The bank has suffered a wrongful loss of Rs 4,037 crore, which balloons to Rs 11,379 crore when calculated with interest, the ED claimed in a statement on Friday.

Investigation revealed that the accused used more than 800 shell companies and 5,000 bank accounts for siphoning and laundering the loan funds, it added.

Details of Attached Properties

The recently attached properties – spanning across Maharashtra, Kolkata, Delhi and Andhra Pradesh – include bank balances, lands, buildings, flats and commercial space. They were acquired using crime proceeds in the name of Manoj, his family, shell companies controlled and beneficially owned by him, and his key associates and their family, the ED alleged.

Alleged Fraud by Corporate Power Ltd

According to the complainant bank, the accused company was promoted as a special purpose vehicle by M/s Abhijit Group for setting up a 1,080 MW coal-based power project in Jharkhand.

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“The accused availed several credit facilities by submitting manipulated project cost statements and misappropriating the funds, turning the loan accounts into non-performing assets,” said the ED.

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