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CBI Registers Complaint Against Corporate Power Ltd In Alleged Bank Fraud Of Worth ₹ 4,000 Cr

In an alleged bank fraud case involving more than Rs 4,000 crore, the Central Bureau of Investigation (CBI) has filed a FIR against the promoters/directors of Kolkata-based private company Corporate Power Limited as well as other parties.

Following a complaint from Union Bank of India, which accused the company and others of defrauding a group of 20 banks of over Rs. 4037.87 crore, the case was brought against the defendants and other individuals, including unidentified public employees and private individuals.

Searches were carried out at 16 places, including Nagpur, Mumbai, Ranchi, Kolkata, Durgapur, Ghaziabad, and Visakhapatnam, according to the CBI, and evidence was found there.

“The lead bank, Union Bank of India, designated the account a non-performing asset (NPA) on September 30, 2013, and the other consortium member banks soon followed suit. The claimed borrower company’s accounts were deemed fraudulent on October 25, 2019, according to a CBI statement.

“It was also claimed that between 2009 and 2013, the aforementioned borrower submitted falsified project cost figures in addition to stealing money from the bank. Additionally, it was stated that trade receivables, which mostly included transactions to connected parties and monies, were transferred to a web of other firms that were sham accounts, allowing the borrower to syphon off the funds.

Manoj Jayaswal, Abhishek Jayaswal, Abhijeet Jayaswal, Rajiv Kumar, Bishal Jaiswal, Munna Kumar Jaiswal, P N Krishnan, Rajeev Goyal, Arun Kumar Shrivastava, S N Gaikwad, Prem Prakash Sharma, and Arun Gupta are the promoters/directors of the company who have been named as defendants in the case.

The business manufactures basic steel and iron, and its registered office is in Salt Lake. The business is now being liquidated.

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