BHUBANESWAR: The Central Bureau of Investigation has conducted searches at six locations in four states of Odisha, West Bengal, Tamil Nadu and Uttarakhand in connection with a bank fraud case registered against Gupta Power Infrastructure Limited in Bhubaneswar.
The case is related to alleged defrauding of Canara Bank to the tune of a whopping Rs 1,109 crore in connection with various fund-based and non-fund based facilities availed by Gupta Power from the financial institution, said the CBI.
“The company is accused of manipulating the value of stocks and inflated trade receivables, falsifying its financial statements to obtain enhanced credit facilities, siphoning and diverting loan funds and resorting to evergreening of accounts, thereby causing a wrongful loss to the bank,” read a statement issued by the CBI on Sunday. The central agency carried out the raids on Saturday after obtaining warrants issued by Special Judge, CBI Court in Bhubaneswar. The search operations covered the residential premises of four directors of Gupta Power in Bhubaneswar and the registered office of the company in Kolkata.