ED attaches assets worth Rs 500 crore in corporate power scam

Latest News :- Union Bank of India has alleged that the Maharashtra-headquartered corporate powerhouse obtained loans worth Rs 4,037 crore between 2009 and 2013 using fake documents and diverted the loans through shell companies. It said that the outstanding debt of the company including interest is Rs 11,379 crore. Based on this complaint, CBI registered a case against the company in 2022. After this, the Enforcement Directorate also started investigating this scam.

Last August, the Enforcement Directorate had raided the company's premises and seized assets worth Rs 220 crore. In this case, company directors Manoj Jaiswal, Abhijeet Jaiswal and Abhishek Jaiswal have raided the concerned places. In this raid conducted in 5 states including Maharashtra, West Bengal, Bihar, Jharkhand and Andhra Pradesh, the Enforcement Department has seized property worth Rs 500 crore. 250 fake companies… The Enforcement Department has accused the Corporate Power Company of misappropriating the loans received from the bank through 250 fake companies.