CBI Registers Rs 210.13-Crore Bank Fraud Case Against Chandra Proteco Ltd, Conducts Searches , Agency alleges diversion of loan funds; five banks reported losses in suspected financial conspiracy
ANB | News Bureau
The Central Bureau of Investigation (CBI) has registered a bank fraud case involving an alleged loss of Rs 210.13 crore against Chandra Proteco Limited (CPL) and its directors, and conducted searches at multiple premises linked to the company’s directors in Prayagraj, Uttar Pradesh.
According to a CBI statement issued to the news service associated News Bureau ANB on October 29, 2026, the case was registered on the complaint of Indian Bank’s Stressed Asset Management Branch, Mumbai, against Chandra Proteco Limited, its directors Ranjeet Gupta, Anilesh Gupta and Aparna Gupta, along with unknown public servants and other unidentified persons.
The agency has registered the case under allegations of criminal conspiracy, cheating and offences under the Prevention of Corruption Act. The alleged wrongful loss of approximately Rs 210.13 crore was caused to five banks, including the complainant bank, according to the statement.
₹541.46 Crore in Bank Credit Facilities Under Investigation
According to the CBI, the accused allegedly entered into a criminal conspiracy and obtained cash credit facilities, term loans and letters of credit amounting to Rs 541.46 crore from a consortium of six banks led by Indian Bank.
The agency has alleged that the company resorted to systematic financial manipulation, including operating undisclosed accounts with banks outside the lending consortium and routing letters of credit through entities sharing common directors or linked as sister concerns.
The CBI further alleged that the funds were not used for the purposes for which they had been sanctioned. Instead, the money was allegedly diverted through associate companies, causing financial losses to the lending institutions.
The allegations are part of the case under investigation and have not yet been established before a court of law.
Searches in Prayagraj; Financial Records Seized
Following registration of the case, the CBI conducted searches at multiple premises linked to the directors of Chandra Proteco Limited in Prayagraj, Uttar Pradesh.
During the searches, the agency recovered and seized account ledgers relating to the relevant period and other documents considered material to the investigation, the statement said.
The CBI stated that the investigation is continuing to establish the full extent of the alleged conspiracy, determine the roles of all persons involved, including public servants and private individuals, and trace the end-use of the loan funds.
The statement did not provide further details about any arrests or disclose additional action against the accused in connection with the case. ANB
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