A case was filed on Friday by the Central Bureau of Investigation (CBI) against Corporate Power Ltd, a private company with its headquarters in Kolkata.
A complaint from the Union Bank of India led to the registration of the case.
The promoters/directors of the company, unknown public employees, and private individuals were named in the case regarding allegations of bank fraud involving approximately Rs. 4037.87 crores to the consortium of 20 banks.
Manoj Jayaswal, Abhishek Jayaswal, Abhijeet Jayaswal, Rajiv Kumar, Bishal Jaiswal, Munna Kumar Jaiswal, PN Krishnan, Rajeev Goyal, Arun Kumar Shrivastava, SN Gaikwad, Prem Prakash Sharma, and Arun Gupta were the accused named in the case.
On September 30, 2013, the Lead Bank, Union Bank of India, declared the account to be NPA. Subsequently, the other Consortium Bank members also designated the account as NPA.
On October 25, 2019, the said borrower company’s accounts were deemed fraudulent.
Furthermore, it was claimed that between 2009 and 2013, the said borrower submitted falsified project cost statements in addition to stealing money from the bank.
Additionally, it was claimed that money and trade receivables were transferred to a network of fictitious companies and accounts.As a result, the borrower was able to steal the money.
A total of 16 locations were searched, including Nagpur, Mumbai, Ranchi, Kolkata, Durgapur, Ghaziabad, and Visakhapatnam. These searches resulted in the recovery of evidence-related papers and objects.
According to CBI officials, the case is currently being investigated.
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