THEBUSINESSBYTES
BUREAU
NEW
DELHI, JULY 19, 2026
The Central Bureau of
Investigation (CBI) has launched a multi-state crackdown in connection with an
alleged ₹1,109-crore bank fraud involving
Bhubaneswar-based Gupta Power Infrastructure Ltd, conducting simultaneous searches
at six locations across Odisha, West Bengal, Tamil Nadu and Uttarakhand and
seizing incriminating documents, officials said on Sunday.
The searches, carried
out on Saturday, covered the residential premises of the company's four accused
directors in Bhubaneswar, the firm's registered office in Kolkata, and its
manufacturing facilities in Kashipur (Uttarakhand), Tiruvallur (Tamil Nadu) and
Bhubaneswar.
According to the CBI,
the case relates to the alleged defrauding of Canara Bank to the tune of ₹1,109 crore
through various fund-based and non-fund-based credit facilities availed by
Gupta Power Infrastructure Ltd. The agency registered an FIR on Saturday
following a complaint lodged by the bank earlier this month.
The investigating
agency alleged that the company manipulated stock valuations and inflated trade
receivables to secure enhanced credit facilities. Senior company functionaries
are also accused of falsifying financial statements, siphoning and diverting
loan funds, and resorting to evergreening of accounts to conceal financial
irregularities, resulting in a substantial wrongful loss to Canara Bank.
"The case
pertains to alleged defrauding of Canara Bank to the tune of ₹1,109 crore in connection with
various fund-based and non-fund-based financial facilities
availed by the accused company," a CBI spokesperson said, adding that the
accused allegedly manipulated stock values, inflated receivables and diverted
loan proceeds after obtaining enhanced credit limits through falsified
financial records.
While the CBI has not disclosed the period during which the alleged fraud was committed or the specific Canara Bank branch involved, officials confirmed that no arrests have been made so far. The agency said the searches led to the seizure of incriminating documents that are expected to aid the ongoing investigation.
Gupta Power Infrastructure Ltd has not responded to the allegations or the CBI action so far. The investigation is continuing.
