Kolkata, October 10, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) on Saturday said it had frozen 139 bank accounts belonging to Gupta Power Infrastructure Limited (GPIL), a company registered in West Bengal, as part of a money-laundering investigation linked to alleged bank fraud.
According to an ED statement, the action followed searches conducted by the agency’s Kolkata-based eastern regional office at nine locations across West Bengal and neighbouring Odisha on October 5. The searches targeted premises linked to GPIL, its associated entities and individuals connected with the company’s management.
During the operations, officials seized documents, electronic devices and records that the agency described as incriminating. The material was seized under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
Besides freezing the 139 bank accounts, the ED said it had also frozen mutual fund investments and shares held in the names of the company and associated individuals. Three luxury cars — two Mercedes vehicles and one BMW — were also confiscated, the agency stated.
“The contents of the seized material and financial transactions are currently under investigation,” the ED said.
Investigation Originated From CBI FIR
The ED initiated its investigation based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI), which alleged that GPIL had obtained substantial fund-based and non-fund-based working-capital facilities from a consortium of banks led by Canara Bank.
The consortium’s total exposure was approximately ₹3,590 crore, including sanctioned exposure of around ₹1,174 crore from Canara Bank, according to the ED.
The agency alleged that GPIL subsequently manipulated its drawing power and borrowing capacity by substantially overstating the stock reported to banks compared with the stock reflected in its audited financial statements.
The ED further alleged that the company included approximately ₹280 crore worth of project and engineering, procurement and construction (EPC) stock as eligible stock to obtain working-capital facilities.
ED Flags Discrepancies in Receivables
The agency also alleged that disputed and doubtful receivables, including claims rejected by the National Company Law Tribunal (NCLT), continued to be presented as eligible receivables.
According to the ED statement, investigators observed a discrepancy of approximately ₹1,115.15 crore in the receivables reported by GPIL. The agency said this indicated possible inflation of the company’s current assets and a consequent increase in its borrowing limits.
The ED said the seized documents and financial transactions were being examined as part of the ongoing investigation. The allegations against the company remain subject to the outcome of the investigative and legal process.
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