The Enforcement Directorate (ED), Ahmedabad, has filed a Prosecution Complaint under the Prevention of Money Laundering Act (PMLA), 2002 against Jyoti Power Corporation Pvt Ltd (JPCPL), its directors, and other associated individuals. The complaint was filed before the Special PMLA Court in Ahmedabad on 3 December 2025.
The case is linked to a major bank fraud committed by the company and persons connected with it. The ED began its investigation based on two FIRs filed by the CBI in Mumbai and Bhopal under various sections of the IPC and the Prevention of Corruption Act.
According to the ED, the company and its directors misused loan accounts and laundered Proceeds of Crime worth ₹297.07 crore obtained from criminal activities. The investigation found that JPCPL and related persons carried out large-scale diversion and siphoning of bank funds through multiple accounts of sister companies and associated individuals. Much of this money was later withdrawn in cash.
The ED further discovered that the siphoned funds were used to purchase properties in the names of former directors, promoters, and related entities. The company also submitted false and forged Letters of Credit, received funds in non-consortium bank accounts, and falsified accounting records by showing fake unsecured creditors. These actions caused a serious breach of trust and generated large illegal gains for the accused persons.
In the case, the ED had earlier issued a Provisional Attachment Order attaching various immovable properties worth ₹15 crore, including residential flats and land plots.
