New Delhi: The Enforcement Directorate (ED) has attached movable and immovable assets located at various places across Maharashtra, West Bengal, Bihar, Jharkhand and Andhra Pradesh valued at Rs 503.16 crore in a Rs 4,037 crore alleged bank fraud case, the agency said on Monday.
Prevention of Money Laundering Act (PMLA), 2002
The case is based on an ongoing inquiry registered against Corporate Power Limited and their promoters and directors Manoj Jayaswal, Abhijeet Jayaswal, Abhishek Jayaswal and others under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The attached properties include bank balances, mutual funds, shares, various landed properties and buildings acquired in the name of various shell companies apart from that of Corporate Power Limited and the family members of Manoj Kumar Jayaswal and others. These assets were attached on October 24.
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ED initiated investigations
ED initiated investigations on the basis of First Information Report (FIR) registered by the Central Bureau of Investigation against Corporate Power Limited and its promoters and directors and others for alleged offences of criminal conspiracy, cheating and forgery.
As per the complainant, Union Bank of India, the accused persons had allegedly submitted manipulated project cost statements to avail loans and also diverted the bank funds, causing wrongful loss to the tune of Rs 4,037 crore (Rs 11,379 crore including interest).
ED conducted search operations
Earlier in this case, ED had carried out search operations at various locations in Nagpur, Kolkata and Visakhapatnam and seized various incriminating documents and also frozen proceeds of alleged crime consisting of Rs 223.33 crore worth of listed shares and securities, mutual funds, fixed deposits and bank balances and also seized cash amounting to Rs 55.85 lakh. (with Agency inputs)
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