Overview
- The ED’s Nagpur unit provisionally attached bank balances, land, buildings and flats spread across Maharashtra, Kolkata, Delhi and Andhra Pradesh.
- The properties are linked to promoter Manoj Jayaswal, his family, associates and Corporate Power Ltd, according to the agency.
- Investigators report the use of more than 800 shell companies and around 5,000 bank accounts to siphon and launder the loan proceeds.
- Union Bank of India, the lead lender, alleges a principal loss of Rs 4,037 crore, which the ED says amounts to Rs 11,379 crore with interest.
- The borrower’s account turned non-performing in 2013 and was declared fraudulent in 2019, with prior ED searches yielding cash, documents and financial assets.