CBI conducts searches across four States in ₹1,109-crore bank fraud case
The CBI has launched investigations across four Indian states regarding a ₹1,109-crore bank fraud case involving Gupta Power Infrastructure Ltd. The company is accused of falsifying financial statements and siphoning loan funds from Canara Bank.
Why it matters
Large-scale corporate fraud cases significantly impact the stability of the banking sector and highlight ongoing challenges in financial oversight.
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.
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