CBI files FIR against Abhijeet Group-promoted Corporate Power for fraud

The CBI has filed an FIR against Abhijeet Group promoted company Corporate Power Limited and its directors for alleged bank fraud of Rs 4,000 crore, officials said on Friday.

The agency on Thursday searched 16 locations in multiple cities, including Nagpur, Mumbai, Ranchi, Kolkata, Durgapur, Ghaziabad, and Vishakhapatnam, in connection with the case, they said.

Corporate Power Limited, a Kolkata-based special purpose vehicle promoted by Abhijeet Group for setting up a power plant in Jharkhand, allegedly committed a bank fraud of Rs 4037.87 crore involving a consortium of 20 banks, according to a complaint filed by Union Bank of India, now a part of the CBI FIR, the officials said.

They said several companies of Abhijeet Group and some of its directors are already facing CBI probes in connection with coal scam cases and are charge-sheeted as well.

Corporate Power Limited, initially named Chitarpur Coal and Power Ltd, had envisaged setting up a 540 MW power plant in Latehar district