States » SouthPosted at: Oct 29 2026 7:40PM


CBI conducts raids in three separate bank fraud cases in Mumbai, Pune and UP

Chennai, Oct 29 (UNI) The CBI on Thursday conducted raids in three separate bank fraud cases inMumbai, Pune and Uttar Pradesh on Thursday.
In separate statement, the Central Investigating agency said conducted search operations in connection with a bank fraud case in Mumbai.
The CBI registered the instant case based on the complaint of State Bank of India, Mumbai against M/s Avaya Industries Ltd, its Directors and Unknown Public Servant(s) & Private Person(s).
It is alleged in the complaint that M/s Avaya Industries Ltd and its Directors fraudulently obtained credit facilities by misrepresentation, causing a wrongful loss of Rs.58.48 Crore to the bank. The accused allegedly perpetrated the fraud through fictitious sales and inflated stocks, suppression and non-recovery of export receivables, diversion of funds through unsecured advances, unauthorised routing of transactions through another bank, fabrication of debtor balances, and unauthorised sale or misrepresentation of mortgaged property and
hypothecated assets resulting in wrongful loss to the bank.
"Today, searches were conducted at several locations in Mumbai including the residential properties linked to the Directors of M/s Avaya Industries Ltd. During the searches, incriminating documents relevant to the investigation were recovered. The seized materials are being examined to ascertain the full extent of the alleged conspiracy, misappropriation and diversion of funds, and to establish the role of all
persons involved", it added.
In the second case, the CBI conducted raids in connection with bank fraud case registered against M/s Aaj Ka Anand Papers Pvt Ltd. It had registered the instant case against the firm, its Directors and unknown public servants based on the complaint of State Bank of India, Mumbai, alleging offences of criminal conspiracy, cheating, criminal breach of trust and manipulation of accounts, causing a wrongful loss of Rs. 81.66 Crore to the bank.
It was alleged that the accused were involved in suppression/misappropriation of business revenue, alteration and falsification of books/electronic record and criminal breach of trust. It was alleged that funds were diverted through current accounts outside designated banking channels without the consortium lenders' consent thus violating sanction conditions. These acts are alleged to constitute cheating, criminal breach of trust, misappropriation and criminal conspiracy, causing wrongful loss to SBI.
"Today, searches were conducted at several locations in Pune. The premises covered included office premises and residential properties linked to the directors of the accused of M/s Aaj Ka Anand Papers Pvt Ltd. During the searches, incriminating documents and digital evidence relevant to the investigation were recovered. These are being examined to identify the full extent of the conspiracy, misappropriation, diversion of funds, and the role of all persons involved", another release said.
In the other instance, the CBI conducted raids after registering a Rs 210.13 crore fraud case involving five banks against M/s Chandra Proteco Limited in Pune. It registered a case on the complaint of Indian Bank, Stressed Asset Management Branch, Mittal Chamber, Nariman Point, Mumbai, against M/s Chandra Proteco Limited (M/s. CPL) and its Directors Ranjeet Gupta, Anilesh Gupta, Ms.Aparna Gupta, unknown public servants and unknown persons for offenses of criminal conspiracy for cheating and also the offenses under the Prevention of Corruption Act, resulting in alleged wrongful loss of Rs.210.13 Crore to the five banks including the complainant bank.
It has been alleged that the accused persons entered into a criminal conspiracy, obtained Cash Credit facility, Term Loan and Letters of Credit amounting to Rs.541.46 Crore from consortium of six banks led by the Indian bank. The company was engaged in systematic financial manipulations including operating clandestine accounts with non-consortium banks, devolving of letters of credit through entities sharing common Directors/sister concerns.
The company defrauded the banks by not utilizing the bank funds for the intended purpose, for which it was sanctioned. Further, the company diverted the funds by siphoning off through associate companies and caused loss to the bank.
Following registration of the case, the CBI conducted searches at multiple premises linked to the Directors of M/s CPL in Prayagraj, Uttar Pradesh. During the searches, Ledgers of the relevant period and other incriminating documents relevant to the investigation, were recovered and seized.
Investigation is continuing to ascertain the full extent of the conspiracy, identify the role of all involved persons, including public servants and private individuals, and trace the end-use of the loan funds.
UNI GV 1930
Tags: #CBI conducts raids in three separate bank fraud cases in Mumbai# Pune and UP
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