New Delhi, October 29, 2026 (Yes Punjab News)
The Central Bureau of Investigation (CBI) has registered a case against Chandra Proteco Limited and its officials over an alleged bank fraud of Rs 210 crore involving six banks and conducted searches at multiple locations in Prayagraj, Uttar Pradesh, an official said on Thursday.
The case was registered on a complaint filed by Indian Bank’s Stressed Asset Management Branch.
According to a CBI statement, the agency has booked the company’s directors, Ranjeet Gupta, Anilesh Gupta and Aparna Gupta, along with unknown public servants and other unidentified persons. The case involves allegations of criminal conspiracy, cheating and offences under the Prevention of Corruption Act.
The complaint alleged that the accused entered into a criminal conspiracy and obtained cash credit facilities, term loans and letters of credit amounting to Rs 541.46 crore from a consortium of six banks led by Indian Bank.
The company allegedly engaged in systematic financial manipulation, including operating undisclosed accounts with banks outside the consortium and allowing letters of credit to devolve through entities sharing common directors or sister concerns, the CBI said.
The agency further alleged that the company did not use the bank funds for their sanctioned purposes. Instead, the funds were allegedly diverted and siphoned off through associate companies, causing losses to the banks.
Following the registration of the case, the CBI conducted searches at multiple premises linked to the directors of Chandra Proteco Limited in Prayagraj.
During the searches, investigators recovered and seized ledgers pertaining to the relevant period and other documents considered significant to the investigation, the agency said.
The CBI said the investigation is continuing to establish the full extent of the alleged conspiracy, identify the roles of all individuals involved, including public servants and private persons, and trace the end-use of the loan funds.
In a separate case, the CBI conducted searches at several locations in Mumbai on Thursday in connection with an alleged bank fraud of Rs 58.48 crore involving a Mumbai-based company, Avaya Industries.
The case was registered following a complaint by the State Bank of India’s Mumbai branch against Avaya Industries, its directors and unidentified public servants and private individuals.
According to the CBI, the complaint alleged that Avaya Industries and its directors fraudulently obtained credit facilities through misrepresentation, causing a wrongful loss of Rs 58.48 crore to the bank.
The agency said incriminating documents were seized during the searches. Further investigation in the case is underway.
FOLLOW NOW
