ED registers ECIR in ₹100 cr fraud linked to Jharkhand energy corporation funds

THE JHARKHAND STORY DESK

Ranchi, June 3: The Enforcement Directorate (ED) has registered an ECIR and launched an investigation into the fraudulent withdrawal of over ₹100 crore from the account of Jharkhand Urja Vikas Nigam (Energy Development Corporation).

In October 2024, ED Director Rahul Navin, during his visit to Ranchi, had ordered the collection of facts related to the scam to facilitate registration of the ECIR and initiate the probe.

According to sources, the case appears to be the result of a larger conspiracy. As per rules, government company accounts are opened through cheques, but in this case, a fake account was opened in the name of Jharkhand Tourism Development Corporation (JTDC) using cash deposits.

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Another key issue is that transactions worth crores between government entities often go unnoticed by agencies, and banks do not report these transactions. Typically, banks are required to report any transaction exceeding ₹10 lakh from regular accounts to regulatory bodies.

Notably, last year, a fraudulent account was discovered in the name of JTDC into which money was transferred from the Energy Corporation’s Central Bank account. It was found that the fake JTDC account had been opened at Canara Bank using forged documents.

The first instance of fraud came to light when ₹10.44 crore was transferred to this fake JTDC account. Further investigation revealed that the money being transferred from the Energy Corporation’s account included employee pension funds.

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Following preliminary investigation, an FIR was registered, and a Special Investigation Team (SIT) was formed for a detailed probe. Based on SIT findings, the case was categorized as a cyber fraud. During the investigation, approximately ₹35 crore that had been transferred to various accounts was frozen.