Nagpur – The Enforcement Directorate Nagpur has taken action in 5 states in a bank fraud case of Rs 4,037 crore. The agency has seized properties worth 503.16 crores in Maharashtra, West Bengal, Bihar, Jharkhand and Andhra Pradesh. These properties were seized on October 24. With this, the total seized property has become around 727 crores. The case is related to the investigation against Corporate Power Limited and its promoters, directors Manoj Jaiswal, Abhijeet Jaiswal, Abhishek Jaiswal under the charge of money laundering. The seized properties include bank balance, mutual funds, shares, properties taken in the name of Corporate Power Limited and Manoj Kumar Jaiswal and his family as well as many shell companies.
Manipulation of more than 11 thousand crores including interest
Union Bank of India had filed a complaint in this case. According to Union Bank, the accused manipulated the project details to get the loan and then diverted the bank’s funds. Due to this, the bank suffered a loss of Rs 4,037 crore including interest of Rs 11,379 crore. Earlier in this case, ED had conducted searches at several places in Nagpur, Kolkata and Visakhapatnam and seized objectionable documents. ED had also seized the proceeds of crime. This included listed shares and securities, mutual funds, fixed deposits and bank balances worth Rs 223.33 crore. Along with this, cash worth Rs 55.85 lakh was also seized.
