Overview
- The Central Bureau of Investigation executed coordinated searches at six premises in four states in a case registered after Canara Bank alleged a ₹1,109 crore loss tied to Gupta Power Infrastructure.
- Investigators say the bank's complaint alleges the company inflated stock values and trade receivables and falsified financial statements to obtain higher credit limits.
- The CBI says loan funds were siphoned or diverted and fresh lending was used to mask non‑performing loans, a practice known as evergreening.
- Searches covered the residences of four directors in Bhubaneswar, the company’s registered office in Kolkata, and manufacturing units in Kashipur, Tiruvallur and Bhubaneswar with documents seized for further examination.
- Separately, the CBI ACB arrested a man for impersonating a government official to solicit a loan bribe, underscoring parallel probes into loan-related corruption and possible wider scrutiny of lending practices.