Emergency Department Action
ED has simultaneously taken significant action in five states in connection with bank fraud cases, out of which ED has taken action in five states: Maharashtra, West Bengal, Bihar, Jharkhand and Andhra Pradesh. In fact, the case is based on the ongoing investigation in a case registered under the Prevention of Money Laundering Act (PMLA) against Corporate Power Limited and its promoters and directors Manoj Jaiswal, Abhijeet Jaiswal, Abhishek Jaiswal and others.
In this operation, ED has seized bank fraud cases worth Rs 50,316 crore in multiple bank fraud cases in five states: Maharashtra, West Bengal, Bihar, Jharkhand and Andhra Pradesh. Movable and immovable properties worth Rs 4,037 crore. Additional assets include bank deposits, mutual funds, shares, several properties and buildings in the name of Corporate Power Limited and members of the Manoj Kumar Jaiswal family and several shell companies.
misuse of bank funds
All of these properties were seized on October 24. The ED has launched an investigation against the promoters, directors and others of Corporate Power Limited for alleged criminal conspiracy, fraud and forgery based on an FIR filed by the CBI. According to Union Bank of India, which filed the complaint in the case, the defendants allegedly fabricated project costs and misused bank funds to obtain loans.
The search operation also started earlier
This resulted in undue interest loss of Rs 4,037 crore, or Rs 11,379 crore. Earlier in the case, the ED conducted search operations at many places in Nagpur, Kolkata and Visakhapatnam and seized many documents. Meanwhile, cash worth Rs 55.85 lakh and stocks and securities, mutual funds, fixed deposits and bank balances worth Rs 223.33 crore were also seized.
