Nagpur. Enforcement Directorate Nagpur has taken action in 5 states in the bank fraud case of Rs 4,037 crore. The agency has attached properties worth Rs 503.16 crore in Maharashtra, West Bengal, Bihar, Jharkhand and Andhra Pradesh. These properties were seized on October 24. With this the total seized property has reached approximately Rs 727 crore.
The case pertains to the investigation against Corporate Power Limited and their promoters, directors Manoj Jaiswal, Abhijeet Jaiswal, Abhishek Jaiswal on charges of money laundering. The attached assets include bank balances, mutual funds, shares, corporate power limited and properties held in the name of Manoj Kumar Jaiswal and his family members and several shell companies.
Misappropriation of more than Rs 11 thousand crores including interest
Union Bank of India had filed a complaint in this matter. According to Union Bank, the accused manipulated the project details to take the loan and then diverted the bank’s funds. Due to this, the bank suffered a loss of Rs 4,037 crore, including interest Rs 11,379 crore. Earlier in this case, ED had conducted search operations at many places in Nagpur, Kolkata and Visakhapatnam and seized objectionable documents. The ED had also seized the proceeds of crime. Which included listed shares and securities, mutual funds, fixed deposits and bank balances worth Rs 223.33 crore. Besides, cash worth Rs 55.85 lakh was also seized.