The Enforcement Directorate (ED) logo.
Credit: PTI File Photo
The Enforcement Directorate (ED) attached movable and immovable assets in five states on Monday worth Rs 503.16 crore in Rs 4,037 crore bank fraud case, as per a report by ANI.
The five states mentioned are Maharashtra, West Bengal, Jharkhand, Andhra Pradesh and Bihar.
The case is a follow up on an inquiry against Corporate Power Limited. The directors and promoters of the organisation were inquired under the provisions of Prevention of Money Laundering Act (PMLA), 2002.
Prior to ED's move, an FIR was registered against the firm by the CBI.
The case was registered for 'criminal conspiracy', 'cheating' and 'forgery'.
The complaint filed by Union Bank of India states that the accused submitted 'manipulated project cost statements' to get loans and divert the bank funds.
This resulted in the bank facing loss of Rs 4,037 crore; including interest Rs 11,379 crore.
The ED had carried a search operation in Nagpur, Kolkata, and Vishakhapatnam in connection to the case.