CBI books Chandra Proteco, its directors in alleged bank fraud case
The agency said the company was engaged in “systematic financial manipulations, including operating clandestine accounts with non-consortium banks, and devolving letters of credit through entities sharing common directors/sister concerns”
The CBI also searched multiple premises linked to the directors of Chandra Proteco in Prayagraj and seized financial documents, the agency said. FIle
The CBI has registered an FIR against Chandra Proteco Limited and its directors in connection with an alleged bank fraud of ₹210.13 crore, the agency said on Thursday (October 29, 2026).
The CBI also searched multiple premises linked to the directors of Chandra Proteco in Prayagraj and seized financial documents, the agency said in a statement.
It registered the FIR on a complaint by Indian Bank against Chandra Proteco and its directors Ranjeet Gupta, Anilesh Gupta, Aparna Gupta, unknown public servants and unknown persons for cheating and offences under the Prevention of Corruption Act, resulting in an alleged wrongful loss of ₹210.13 crore to five banks, including the complainant bank, a CBI spokesperson said in the statement.
“It is alleged that the accused persons entered into a criminal conspiracy, obtained cash credit facility, term loan and letters of credit amounting to ₹541.46 crore from a consortium of six banks led by the Indian Bank,” the statement said.
The agency said the company was engaged in “systematic financial manipulations, including operating clandestine accounts with non-consortium banks, and devolving letters of credit through entities sharing common directors/sister concerns”.
“The company defrauded the banks by not utilising the bank funds for the intended purpose for which they were sanctioned. It siphoned off the funds through associate companies and caused losses to the banks,” it said.
Uttar Pradesh / investigation / police / fraud / corruption & bribery
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- cbi
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- proteco
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