The Central Bureau of Investigation has registered a case against Chandra Proteco Limited and its directors over an alleged ₹210.13 crore bank fraud involving five lenders, following a complaint filed by Indian Bank.
The agency has also carried out searches at multiple premises linked to the company’s directors in Prayagraj and seized financial documents as part of the investigation.
According to the CBI, the case has been registered against Chandra Proteco Limited, directors Ranjeet Gupta, Anilesh Gupta and Aparna Gupta, along with unknown public servants and other unidentified persons.
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Indian Bank Alleges ₹210.13 Crore Loss
The FIR was registered on the basis of a complaint submitted by Indian Bank.
The bank alleged that the accused caused a wrongful loss of ₹210.13 crore to five banks, including Indian Bank, through cheating and other offences.
The CBI has also invoked provisions of the Prevention of Corruption Act in the case.
According to the complaint, Chandra Proteco Limited had obtained loans and letters of credit worth ₹541.46 crore from a consortium of six banks.
The allegations centre on the manner in which the borrowed funds were used after being obtained from the banking consortium.
Funds Allegedly Diverted Through Associate Companies
Indian Bank alleged that part of the funds obtained by Chandra Proteco Limited were diverted through associate companies.
The complaint forms the basis of the CBI investigation into whether the company and its directors misused banking facilities and caused losses to members of the lending consortium.
The agency is examining financial transactions and related records to establish the movement of funds and the role of the accused persons.
The inclusion of unknown public servants in the FIR indicates that the CBI is also examining whether any officials were involved in or facilitated the alleged transactions.
The investigation remains at an early stage, and the allegations have not yet resulted in a final judicial determination.
CBI Searches Premises in Prayagraj
As part of the investigation, the CBI conducted searches at premises associated with the directors of Chandra Proteco Limited in Prayagraj.
The agency said financial documents were seized during the searches.
Investigators are expected to scrutinise the seized records alongside banking documents and transaction details connected to the consortium loans and letters of credit.
The case adds to the CBI’s continuing investigations into alleged large-value bank frauds involving corporate borrowers, diversion of funds and losses to lending institutions.
The agency will continue examining the financial trail and the roles of the company, its directors and other persons named or identified during the investigation.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
