Hyderabad, July 15, 2026
The Central Bureau of Investigation on Wednesday conducted coordinated search operations in connection with a bank fraud case against M/s Jupiter Bio Sciences Ltd, its MD, directors and unknown public servants and unknown private persons, based on the complaint of UCO Bank, Hyderabad, for causing wrongful loss of Rs 47.37 crore to the bank.
The Central agency said in a release that a case was registered on June 29, 2026, at the directions of the High Court of Telangana. The High Court had pronounced the orders on March 5, 2026 and April 24, 2026, in a writ petition filed by UCO Bank and a review petition filed by CBI, respectively.
It is alleged in the complaint that the accused persons defrauded the bank by producing fake and fabricated proforma invoices and inflated valuation reports of collateral securities while availing credit facilities, thereby causing a wrongful loss to the bank.
Post registration of the case, searches were conducted at several locations in Karnataka, Maharashtra, Telangana and Tamil Nadu. The premises covered include residential properties linked to the directors of the accused company M/s Jupiter Bio Sciences Ltd, the CBI said.
According to the Central agency, during the searches, incriminating documents and digital evidence were recovered, including records relating to the diversion of funds, and other materials relevant to the investigation. These are being examined to identify the full extent of the conspiracy, the flow of funds, and the role of all persons involved, it said.
Further investigation is in progress, the release added.
The case arose from loans aggregating to Rs 56 crore sanctioned by the bank in 2008-2009, which later turned into non-performing assets. A forensic audit conducted in 2023 reportedly found the fabrication of quotations, the diversion of funds, and the inflated valuation of mortgaged properties, leading the bank to classify the account as fraudulent and report the matter to the Reserve Bank of India (RBI).
The bank subsequently lodged complaints with the CBI.(Agency)
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