ED Seizes Properties Worth Rs 20 Crore in Jyoti Power Corporation Fraud Case

The Enforcement Directorate (ED) has provisionally attached properties worth Rs 20 crore linked to Jyoti Power Corporation's directors. Accused of defaulting on bank loans, they allegedly diverted funds into personal accounts. The action follows a CBI FIR and signals ongoing investigations into the financial misconduct.

The Enforcement Directorate (ED) has taken a decisive step in the Jyoti Power Corporation Pvt Ltd (JPCPL) fraud case by attaching properties valued at Rs 20 crore. The properties belong to the company's directors, partners, and their family members, as revealed by the agency on Monday.

This action follows a First Information Report (FIR) lodged by the Central Bureau of Investigation (CBI). The FIR accuses JPCPL directors Kamlesh Kataria and Nitesh Kataria of fraudulently defaulting on loans to the Bank of India, causing a massive Rs 196.82 crore loss.

The ED disclosed that the alleged fraud involved fictitious labor payments and asset sales without bank knowledge. Properties bought with the misappropriated funds were allegedly transferred to directors' family members, underscoring the financial misconduct. Investigations continue to uncover further assets.

(With inputs from agencies.)