Key Points
- ED seizes assets worth Rs 503.16 crore from Manoj Jayaswal and Corporate Power Limited.
- Assets include properties, bank accounts, mutual funds, and shares from different states.
- The investigation is based on a CBI FIR alleging conspiracy and forgery.
- Accusations involve altering project costs to get loans from Union Bank of India.
- Earlier seizures included Rs 223.33 crore in shares, securities, and Rs 55.85 lakh in cash.
Looma News
The Enforcement Directorate (ED) has seized assets worth Rs 503.16 crore belonging to Nagpur businessman Manoj Jayaswal and his company, Corporate Power Limited, in a major bank fraud investigation. These assets include various properties, buildings, bank balances, mutual funds, and shares located in states like Maharashtra, West Bengal, Bihar, Jharkhand, and Andhra Pradesh.
The ED claims these assets were gained through several fake companies and are registered under the names of Manoj Jayaswal, his company, and family members. This investigation stems from a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) against Corporate Power Limited and its directors, including Manoj, Abhijeet, and Abhishek Jayaswal. The FIR charges them with conspiracy, cheating, and forgery based on a complaint from Union Bank of India.
The allegations suggest that the accused manipulated project costs to secure loans, leading to a reported loss of Rs 4,037 crore, or Rs 11,379 crore when including interest. In earlier actions, the ED conducted searches in Nagpur, Kolkata, and Visakhapatnam, resulting in the seizure of documents and freezing of criminal proceeds worth Rs 223.33 crore in shares, securities, mutual funds, fixed deposits, and bank accounts. Additionally, Rs 55.85 lakh in cash was confiscated during this operation.
