The agency alleges Chandra Proteco and its directors diverted consortium loans through related entities and undisclosed bank accounts, causing losses to five lenders.
The Central Bureau of Investigation has opened a case against Chandra Proteco Limited and its directors over an alleged bank fraud of Rs 210.13 crore, escalating a probe that now centres on whether the company and its executives cheated a consortium of lenders and diverted funds meant for business use. The agency said the complaint was filed by Indian Bank and alleges wrongful loss to five banks involved in the financing arrangement.
According to the CBI, the company obtained cash credit facilities, term loans and letters of credit totalling Rs 541.46 crore from a six-bank consortium led by Indian Bank. Investigators allege that the accused carried out a criminal conspiracy and engaged in financial manipulation by maintaining undeclared accounts with banks outside the consortium and by routing money through related entities.
The agency said it searched multiple premises linked to the company’s directors in Prayagraj and seized financial documents during the operation. The case names Ranjeet Gupta, Anilesh Gupta and Aparna Gupta, along with unknown public servants and other unidentified persons, and includes allegations under cheating provisions as well as the Prevention of Corruption Act.
The CBI’s version suggests the alleged fraud was not limited to a single loan default, but involved a broader pattern of fund diversion and misuse of credit lines. Investigators say the company did not use the borrowed money for the purposes for which it was sanctioned and instead channelled it through associate companies, deepening losses for the lending banks.
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