Business & Finance

CBI Registers FIR Against Chandra Proteco and Directors Over ₹210.13 Crore Bank Fraud

By PTI

The Central Bureau of Investigation (CBI) filed a First Information Report (FIR) against Chandra Proteco Limited and its directors on Thursday, October 29, 2026, following an alleged bank fraud involving ₹210.13 crore. The CBI also conducted searches at several premises linked to the company’s directors in Prayagraj and seized financial documents. The FIR was lodged on a complaint by Indian Bank, naming Chandra Proteco and directors Ranjeet Gupta, Anilesh Gupta, Aparna Gupta, as well as unnamed public servants and other persons, for cheating and offences under the Prevention of Corruption Act. The complaint alleges that the accused entered into a criminal conspiracy to obtain a cash credit facility, term loan and letters of credit totaling ₹541.46 crore from a consortium of six banks led by Indian Bank. The company is said to have engaged in systematic financial manipulations, operating clandestine accounts with non‑consortium banks and diverting letters of credit through entities with common directors or sister concerns. It is alleged that Chandra Proteco did not use the sanctioned bank funds for their intended purpose, siphoned the money through associate companies, and caused losses to the banks. The statement was released by a CBI spokesperson. Published – October 30, 2026 01:01 pm IST