The Enforcement Directorate (ED) has attached assets worth Rs 503.16 crore belonging to Nagpur businessman Manoj Jayaswal, his power company Corporate Power Limited and his other promoters in a high-profile bank fraud case .

The assets – which include properties, buildings, bank balances, mutual funds and shares – were recovered from various locations in Maharashtra, West Bengal, Bihar, Jharkhand and Andhra Pradesh as part of the probe into Corporate Power Limited and its directors: Manoj Jayaswal, Abhijeet Jayaswal, Abhishek Jayaswal and others.

According to the ED, these properties and buildings were purchased in the names of several shell companies as well as in the names of Manoj Jayaswal, his company and family members.

The ED probe stems from a CBI FIR filed against Corporate Power Limited and its owners on charges of criminal conspiracy, cheating and forgery following a complaint by Union Bank of India.

The accused is alleged to have submitted manipulated statements of project costs to obtain loans and embezzled bank funds, causing an illegal loss estimated at 4,037 million lei (11,379 million lei including interest).

Earlier in the case, the ED conducted searches in Nagpur, Kolkata and Visakhapatnam, seizing various documents and freezing proceeds of crime – totaling Rs 223.33 crore in listed stocks and securities, mutual funds, fixed deposits and balances banking. Cash in the amount of 55.85 lei was also confiscated.