ED Attaches ₹67.79 Crore Worth of Properties Linked to M/s Corporate Power Limited under PMLA, 2002.

The Directorate of Enforcement (ED), Nagpur Sub-Zonal Office, has provisionally attached movable and immovable properties worth ₹67.79 crore belonging to M/s Corporate Power Limited and its Promoters/Directors — Manoj Jayaswal, Abhijeet Jayaswal, Abhishek Jayaswal, and others — under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). The attached properties include bank balances, lands, flats, buildings, and commercial spaces situated in Maharashtra, Kolkata, Delhi, and Andhra Pradesh, identified as having been acquired through proceeds of crime (POC).

• The ED initiated investigation based on an FIR filed by the CBI against M/s Corporate Power Limited, its Promoters/Directors, and others for Criminal Conspiracy, Cheating, and Forgery.

• The case originated from a complaint by Union Bank of India, which alleged that the company, promoted by M/s Abhijeet Group for setting up a 1080 MW coal-based power project in Jharkhand, availed multiple credit facilities using manipulated project cost statements.

• The loan funds were misappropriated and diverted, resulting in the loan accounts becoming NPA in 2013–14 and causing a wrongful loss of ₹4,037 crore (₹11,379 crore including interest) to the bank.

• The investigation revealed that the accused laundered funds through over 800 shell companies and 5,000 bank accounts, assisted by Santosh Jain and other associates.

• ED earlier conducted search operations across Nagpur, Kolkata, and Visakhapatnam, seizing incriminating documents, digital records, cash, and freezing movable assets including listed shares, mutual funds, and fixed deposits.

• Before this attachment, the total assets attached, seized, or frozen in the case were valued at ₹503.16 crore.

• With the current attachment of ₹67.79 crore, the total proceeds of crime (POC) attached/seized/freezed in the case now amount to approximately ₹571 crore.

Further investigation into the money laundering and fund diversion activities of M/s Corporate Power Limited and its associates is under progress.

Authority: Directorate of Enforcement, Nagpur Sub-Zonal Office

Statute Involved: Prevention of Money Laundering Act, 2002 (PMLA)