CBI Registers Case Against Chandra Proteco and Its Bank Fraud of Over Rs 210.13 Crore :

The Central Bureau of Investigation (CBI) has registered a case against Chandra Proteco Limited (CPL) and its directors, namely Ranjeet Gupta, Anilesh Gupta, and Smt Aparna Gupta, unknown public servants and unknown persons, in a bank fraud case, following the filing of a complaint by an Indian bank, Stressed Asset Management Branch, Mittal Chamber, Nariman Point, Mumbai.

The aforementioned company and directors are alleged to have committed offences of criminal conspiracy for cheating and also the offences under the Prevention of Corruption Act, which have caused an alleged loss of approximately Rs 210.13 crore to five banks, including the complainant itself, i.e., Indian Bank.

It has been alleged that the accused entered into a criminal conspiracy and obtained Cash Credit facilities, Term Loans and Letters of Credit worth Rs 541.46 crore from a consortium of six banks led by Indian Bank. The company allegedly carried out financial fraud by maintaining secret accounts with banks outside the consortium and using letters of credit through companies having common directors or belonging to the same group.

The company allegedly misused the bank funds instead of using them for the purposes for which the loans were sanctioned. It also transferred money to its associate companies and diverted the funds, causing financial losses to the banks.

After registering the case, the CBI conducted searches at several premises linked to the directors of M/s CPL in Prayagraj, Uttar Pradesh. During the searches, the agency recovered and seized account books (ledgers) relating to the relevant period and other important documents connected with the investigation.

The investigation is still underway to determine the total amount involved in the alleged fraud and identify the roles of all those involved.