New Delhi:
The Ahmedabad-based Enforcement Directorate (ED) has provisionally attached immovable properties worth Rs 15.01 crore (current market value Rs 20 crore) registered in the name of directors/partners and their family members of Jyoti Power Corporation Private Limited (JPCPL). This action has been taken under the Prevention of Money Laundering Act (PMLA), 2002.

ED started this investigation on the basis of FIR registered by CBI, EOB, Mumbai. In this FIR, a case was registered against M/s JPCPL, its directors/promoters Kamlesh Kataria and Nitish Kataria and others under the Indian Penal Code, 1860 and Prevention of Corruption Act, 1988. It is alleged that the company caused a loss of Rs 196.82 crore to the Bank of India (BOI) by fraudulently not returning the loan.

Investigation revealed that JPCPL had obtained various loan facilities from Bank of India and other banks. These funds were transferred to various units and personal accounts of the directors of the company.

The company transferred funds in the name of labor payments, diverted funds to non-consortium banks, and sold movable/immovable properties without the knowledge of the bank. The properties purchased by the directors were later transferred to family members at no cost, so as to conceal the proceeds of crime. Further investigation is going on in this matter.