Fraud of Rs 196 crore Found in PSU Bank


In accordance with the Prevention of Money Laundering Act (PMLA), 2002, the Ahmedabad Zonal Office of the Directorate of Enforcement (ED) has temporarily attached real estate valued at Rs.15.01 crore (current market value of Rs.20 crore). Directors, partners, and family members of M/s Jyoti Power Corporation Pvt. Ltd. (JPCPL) own the properties.


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After the Mumbai Economic Offenses Branch of the Central Bureau of Investigation (CBI) submitted a formal complaint (FIR), the ED started its investigation. The FIR, which was filed in accordance with the Prevention of Corruption Act and the Indian Penal Code (IPC), charged JPCPL and its directors, Kamlesh Kataria and Nitesh Kataria, with fraudulently defaulting on loans from the Bank of India (BOI). The bank lost Rs.196.82 crore as a result of the alleged fraud.


The ED claims that JPCPL obtained a number of credit facilities from BOI and a group of other banks. The company's directors' personal accounts and a number of other companies received these funds. Important conclusions include:


Money was misappropriated and transferred to non-consortium banks under the pretense of labor payments.Assets, both fixed and movable, were sold without the banks' consent.In order to hide the proceeds of the crime, properties bought with bank monies were given to family members without any payment.


To recoup a portion of the fraudulent sum, the ED has seized properties owned by the directors of the company and their families. Deliberate attempts to conceal the fraud's proceeds were exposed by the investigation, including the transfer of assets to businesses that had been detected.


The ED has claimed that further investigations into the issue are underway to find new details and take required action. This development underscores the agency’s commitment to reducing financial crimes and ensuring accountability for fraudulent acts.


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