PIONEER EDGE NEWS SERVICE/Dehradun
The Central Bureau of Investigation (CBI) conducted searches at six locations in Uttarakhand, West Bengal, Odisha and Tamil Nadu in connection with an alleged bank fraud of Rs 1,109 crore. The raids were carried out on July 18 as part of an investigation against Gupta Power Infrastructure Limited, based in Bhubaneswar, Odisha.
According to the CBI, the company is accused of cheating Canara Bank by obtaining fund-based and non-fund-based credit facilities through false financial records. Investigators alleged that the company inflated the value of its stock and trade receivables, submitted fake financial statements to get higher credit limits, diverted loan funds and used other methods to hide the actual financial position. These actions allegedly caused a loss of Rs 1,109 crore to the bank.
The searches were conducted after permission from the Special CBI Court in Bhubaneswar. The CBI searched the homes of four company directors in Bhubaneswar, the company’s registered office in Kolkata and three manufacturing units located in Kashipur in Uttarakhand, Tiruvallur in Tamil Nadu and Bhubaneswar in Odisha. According to official sources, the CBI recovered several important documents during the searches. The investigation into the bank fraud case is continuing.
