The Central Bureau of Investigation (CBI) has filed a case against Corporate Power Limited on allegations of Rs 4,038 crore bank fraud. Sources told CNBC-TV18 that the CBI raided 16 locations of the company in Nagpur, Mumbai, Ranchi, Kolkata, Durgapur, Ghaziabad and Visakhapatnam.

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The case has been filed on a complaint made by a consortium of 20 banks led by the Union Bank of India. Union Bank of India had declared the accused company’s account as NPA on September 30, 2013. Then the accounts were declared fraud in October 2019.

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The CBI has claimed that from 2009 to 2013, the accused submitted manipulated project cost statements, diverted bank funds, trade receivables and transactions to related parties and funds were diverted to dummy accounts

According to CBI, the Kolkata-based accused company also syphoned off money from dummy accounts.

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The CBI is continuing probe after recovery of incriminating documents in raids

The people accused include Manoj Jayaswal, Abhishek Jayaswal and Abhijeet Jayaswal and other Promoters/Directors of the company. It also has unknown public servants and unknown private persons.

Abhijeet Group's Corporate Power Ltd. ("CPL") was incorporated in 2006 exclusively for the Jharkhand Power Venture.

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