The Central Bureau of Investigation (CBI) has carried out coordinated searches across Karnataka, Maharashtra, Telangana, and Tamil Nadu in connection with an alleged ₹47.37 crore bank fraud involving Hyderabad-based Jupiter Bio Sciences Ltd, its Managing Director, directors, unknown public servants, and private individuals.
According to the CBI, the case was registered on June 29, 2026, following a complaint filed by UCO Bank, which alleged that the accused fraudulently availed various credit facilities by submitting forged documents, causing a wrongful loss of ₹47.37 crore to the bank.
The investigating agency stated that the case was registered in compliance with orders issued by the Telangana High Court on March 5, 2026, and April 24, 2026. The court had directed the investigation while hearing a petition filed by UCO Bank and a review petition submitted by the CBI.
The agency alleged that the accused secured loans and other credit facilities by submitting fake proforma invoices and inflated valuation reports for properties offered as collateral. According to investigators, these allegedly fabricated documents were used to obtain bank finance fraudulently, resulting in substantial financial losses to the lender.
As part of the investigation, CBI teams conducted searches at multiple residential and business premises linked to the company’s directors and other associated individuals across the four states. During the operation, investigators seized several incriminating documents, electronic records, and digital evidence.
According to the CBI, the recovered material includes records indicating the alleged diversion of loan funds, along with financial documents, digital data, and other evidence considered relevant to the investigation.
The agency said the seized documents and digital evidence are undergoing detailed forensic examination to establish the full extent of the alleged conspiracy, trace the movement of funds, and determine the roles of all individuals and entities involved in the case.
Investigators are also examining whether any bank officials or other public servants were involved in facilitating the approval of the credit facilities. Since unknown public servants have also been named in the FIR, their role is being scrutinized as part of the ongoing probe.
The investigation currently includes an analysis of financial transactions, bank accounts, collateral valuation reports, the loan sanction process, and supporting documentation. The CBI said additional searches, seizures, and questioning of individuals may be carried out if required as the investigation progresses.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said that the use of forged financial documents, inflated asset valuations, and diversion of loan proceeds has become a significant challenge for financial institutions. He emphasized that digital forensics, banking trail analysis, document verification, and coordinated investigations among enforcement agencies are critical to uncovering complex banking frauds.
The CBI said the investigation is continuing, and further legal action will be taken based on the analysis of the seized documents, digital evidence, and financial records. The agency added that the role of other individuals or entities may also come under scrutiny if fresh evidence emerges during the course of the investigation.
