Bhubaneswar: Central Bureau of Investigation (CBI) has launched an investigation into an alleged bank fraud to the tune of Rs 1,109 crore by a Bhubaneswar-based company.The CBI said on Sunday that simultaneous searches were carried out at the properties and premises linked to the company and its four directors at six locations in four states — Odisha, West Bengal, Tamil Nadu and Uttarakhand — on Saturday, leading to the seizure of incriminating documents. “The case pertains to alleged defrauding of Canara Bank to the tune of Rs 1,109 crore in connection with various fund‑based and non‑fund‑based financial facilities availed by the accused company, Gupta Power Infrastructure Ltd,” the agency said in its statement on Sunday.The CBI sources said the bank had lodged a complaint this month, leading to registration of an FIR on Saturday. The company, however, has not yet responded to the allegations and CBI searches.The CBI, though, has not specified the period of the alleged fraud or the branch involved, but confirmed that an FIR was registered on Saturday. No arrests have been made yet.The CBI officers said that the company allegedly manipulated stock valuations and inflated trade receivables to secure enhanced credit facilities. Senior functionaries are accused of falsifying financial statements, siphoning and diverting loan funds, and resorting to evergreening of accounts, causing wrongful loss to the bank.The searches covered the residences of four directors in Bhubaneswar, the company’s registered office in Kolkata, and three manufacturing units located at Kashipur (Udham Singh Nagar district in Uttarakhand), Tiruvallur (Tamil Nadu) and Bhubaneswar.
