CBI conducts searches across four States in ₹1,109-crore bank fraud case
The Central Bureau of Investigation (CBI) has conducted searches at six locations across West Bengal, Odisha, Tamil Nadu, and Uttarakhand in connection with a ₹1,109-crore
The Central Bureau of Investigation (CBI) has conducted searches at six locations across West Bengal, Odisha, Tamil Nadu, and Uttarakhand in connection with a ₹1,109-crore bank fraud case. The case pertains to alleged cheating by the accused company, Gupta Power Infrastructure Ltd.
According to the agency, it had taken various fund-based and non-fund based financial facilities from Canara Bank. “It is alleged that the accused manipulated the value of stocks and inflated trade receivables, falsified the company’s financial statements
to obtain enhanced credit facilities, siphoned and diverted loan funds, and resorted to evergreening of accounts, thereby causing a wrongful loss to the bank,” said the agency. The searches were carried out on the residential premises of
four accused directors of Gupta Power Infrastructure Ltd., in Odisha’s Bhubaneswar, the company’s registered office in Kolkata, West Bengal, and its three manufacturing units at Kashipur of Udham Singh Nagar in Uttarakhand, Tiruvallur, Tamil Nadu and Bhubaneswar.
The BriefWire