Bhubaneswar/New Delhi: In connection with a bank fraud case, the Central Bureau of Investigation (CBI) conducted searches at different places in four states including Odisha related to a Bhubaneswar-based infrastructure company.

CBI official sources on Sunday said the searches were carried out on Saturday in the case registered against Gupta Power Infrastructure Ltd, Bhubaneswar. 

On basis of search warrants issued by the Special Judge, CBI, Bhubaneswar, the searches were done at the residential premises of four accused directors of Gupta Power Infrastructure at Bhubaneswar; the registered office of the company at Kolkata, West Bengal; three manufacturing units of the company located at Kashipur in Uttarakhand, Tiruvallur in Tamil Nadu and Bhubaneswar in Odisha.

CBI sources added the search operations were in the case pertains to alleged defrauding to Canara Bank to the tune of ₹1,109 crore in connection with various fund-based and non-fund based financial facilities availed by the accused company from the bank.

In its complaint, the bank said the accused manipulated the value of stocks and inflated trade receivables, falsified the company’s financial statements to obtain enhanced credit facilities, siphoned and diverted loan funds, and resorted to evergreening of accounts, thereby causing a wrongful loss to the bank.