BHUBANESWAR: The Enforcement Directorate (ED) conducted searches at nine premises linked to M/s Gupta Power Infrastructure Limited (GPIL), associated entities and persons connected with its management in Odisha and West Bengal in connection with a bank fraud case.
During the searches carried out earlier on Monday, the officials of ED’s Kolkata zonal office-II seized various incriminating documents, devices and records as per the provisions of PMLA Act. A total of 139 bank accounts, mutual funds and shares held by GPIL and its associated individuals were frozen.
ED also seized three luxury cars - two Mercedes and one BMW. The central agency launched an investigation on the basis of FIR registered by CBI against GPIL, a company registered in West Bengal with its corporate office based out of Bhubaneswar. It has plants across the country and they are engaged in manufacture and supply of cables, conductors, wires and related products, read a statement issued by ED on Saturday.
The firm had availed substantial fund-based and non-fund based working capital facilities from a consortium of banks. The consortium exposure was about Rs 3,590 crore, including Canara Bank’s sanctioned exposure of Rs 1,174 crore, it said.
Official sources said the ED officials carried out the analysis of accounts and various financial documents of GPIL from October 2018 to September 2023, which revealed the firm allegedly manipulated its drawing power and borrowing capacity by substantially inflating the stock reported to the banks.
The contents of the seized material and financial transactions are being examined by the officials and further probe is underway, they added.
