Nagpur: The Enforcement Directorate (ED) has seized assets worth ₹503.16 crore belonging to Nagpur-based businessman Manoj Jayaswal and his company Corporate Power Limited. This high-profile investigation focuses on a large-scale bank fraud involving several financial institutions.
The ED’s seizure includes properties, bank accounts, mutual funds, and shares located in Maharashtra, West Bengal, Bihar, Jharkhand, and Andhra Pradesh. The investigation centers around Jayaswal and directors of Corporate Power Limited, including Abhijit and Abhishek Jayaswal, who are accused of using fake companies and proxies under family and associates’ names to acquire assets. The alleged scheme is tied to a criminal conspiracy, fraud, and forgery complaint lodged by Union Bank of India, which triggered an FIR from the Central Bureau of Investigation (CBI). The CBI claims that the accused inflated project costs to secure extensive bank loans and misappropriated funds, resulting in a massive ₹11,379 crore interest-inflated loss, with direct losses to banks amounting to ₹4,037 crore.
Gold Rate
Tuesday 28 Jan. 2025
Earlier investigations included raids in Nagpur, Kolkata, and Visakhapatnam, resulting in the seizure of documents, listed shares worth ₹223.33 crore, mutual funds, fixed deposits, bank balances, and cash totaling ₹55.85 lakh. ED’s ongoing stringent actions emphasize its commitment to tackling high-scale frauds and financial crimes affecting India’s public banks and economic system.
