ED carries out searches at properties linked to GPIL in bank fraud case

The Enforcement Directorate (ED) carried out searches at nine premises linked to M/s Gupta Power Infrastructure Limited (GPIL), associated entities, and management personnel across Odisha and West Bengal. The operation was part of an investigation into an alleged bank fraud involving substantial funds. During the searches, officials seized incriminating documents, electronic devices, records, and three luxury cars, while also freezing 139 bank accounts, mutual funds, and shares.

The central agency initiated its probe following a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI). GPIL is registered in West Bengal, maintains its corporate office in Bhubaneswar, and operates manufacturing plants across the country to produce cables, conductors, wires, and related products. According to reports, the firm had obtained significant fund-based and non-fund-based working capital facilities from a consortium of banks, with a total exposure reaching approximately Rs 3,590 crore.

Investigators stated that a consortium exposure included a sanctioned amount of Rs 1,174 crore from Canara Bank. An analysis of the company's financial accounts and documents covering the period from October 2018 to September 2023 indicated that the firm allegedly manipulated its drawing power and borrowing capacity. Authorities reported that this was purportedly achieved by inflating the stock reported to the lending banks. Officials are currently examining the seized materials and financial transactions as the investigation continues.

Not yet reported: The articles do not mention any specific arrests made in connection with the case.