New Delhi, Oct 24 (UNI) The Enforcement Directorate (ED), Nagpur sub-zonal office, announced today the attachment of movable and immovable properties worth Rs 67.79 crore under the Prevention of Money Laundering Act (PMLA). The action targets Corporate Power Limited and its promoters/directors Manoj Jayaswal, Abhijeet Jayaswal, Abhishek Jayaswal, and others.
The attached properties, identified as being acquired through the “proceeds of crime” (POC), include bank balances, lands, buildings, flats, and commercial spaces across Maharashtra, Kolkata, Delhi, and Andhra Pradesh.
These assets are held in the names of Manoj Jayaswal, his family members, shell companies he controls, and his key associate Santosh Jain, who actively assisted in laundering the POC and their family members.
The ED initiated its PMLA investigation based on an FIR registered by the Central Bureau of Investigation (CBI) against Corporate Power Limited, its promoters, directors, and others for criminal conspiracy, cheating, and forgery.
According to the complainant, union Bank of India, the accused company was promoted as a Special Purpose Vehicle by the Abhijit Group to set up a 1080 MW coal-based power project in Jharkhand.
The company availed of several credit facilities by submitting manipulated project cost statements and subsequently misappropriated the loan funds through diversion. This caused the loan accounts to become Non-Performing Assets (NPA) in 2013/14, resulting in a wrongful loss of Rs 4,037 crore (Rs 11,379 crore including interest) to the bank.
The ED investigation revealed that the accused used a network of more than 800 shell companies and 5,000 bank accounts to siphon and launder the loan funds.
Earlier in this case, the ED conducted search operations at various locations in Nagpur, Kolkata, and Visakhapatnam, leading to the recovery and seizure of incriminating documents, records, digital devices, cash, and the freezing of movable assets, including listed shares, securities, mutual funds, and fixed deposits.
Before the latest attachment, properties already attached, frozen, or seized in the case were valued at Rs 503.16 crore. The total POC attached, seized, or frozen so far, including the latest action, now amounts to Rs 571 crore.
Further investigation into the matter is ongoing.
