Chennai, July 19 -- The Central Bureau of Investigation (CBI) conducted searches at six locations across four States--West Bengal, Odisha, Tamil Nadu, and Uttarakhand in connection with a Rs 1,109 crore bank fraud case registered against M/s Gupta Power Infrastructure Ltd., Bhubaneswar, Odisha.
The case pertains to alleged defrauding of Canara Bank to the tune of Rs.1,109 crore in connection with various Fund Based andNon-Fund based financial facilities availed by the accused company from the bank, CBI said today.
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 ...