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CBI raids 4 states in ₹1,109-crore Canara Bank fraud case

Published on: 19 Jul 2026, 04:57 PM

The Central Bureau of Investigation (CBI) has carried out searches at six locations across West Bengal, Odisha, Tamil Nadu, and Uttarakhand in connection with a ₹1,109-crore bank fraud case involving Gupta Power Infrastructure Ltd.

According to the agency, the accused company had taken various fund-based and non-fund based financial facilities from Canara Bank. The CBI alleges that the company manipulated the value of stocks, inflated trade receivables, and falsified financial statements to obtain enhanced credit facilities.

Further allegations include siphoning and diversion of loan funds, as well as resorting to evergreening of accounts, causing wrongful loss to the bank. The searches were conducted at the residential premises of four accused directors, the company's registered office in Kolkata, and its manufacturing units in Uttarakhand, Tamil Nadu, and Odisha.

The investigation is ongoing.

Source: The Hindu

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