Tezzbuzz Desk – The Central Bureau of Investigation (CBI) has taken major action in the case of alleged bank fraud of Rs 47.37 crore. The investigating agency has collected important documents and digital evidence by simultaneously raiding several locations in Karnataka, Maharashtra, Telangana and Tamil Nadu.
This action has been taken in the case registered on the basis of the complaint of UCO Bank. It is alleged that Jupiter Bio Sciences Limited and its officials caused financial loss by obtaining credit facilities worth crores of rupees from the bank through fake documents.
Case registered after High Court order
According to the information, UCO Bank had approached the Telangana High Court in this matter. While hearing the petition, the High Court had directed CBI to register the case on March 5 and April 24, 2026 and investigate.
After this, CBI registered the case on 29 June 2026 and started investigation. Now as part of the investigation, a search operation has been conducted at many locations of the company and its associated officials.
Loan taken from fake documents
According to the CBI, the accused had submitted fake proforma invoices and inflated valuation reports of the mortgaged properties to obtain loans from the bank.
On the basis of these documents, credit facilities were taken from the bank, due to which UCO Bank suffered a loss of Rs 47.37 crore.
Raids in four states, digital evidence found
The investigating agency conducted simultaneous searches on the company’s directors and other related premises in Karnataka, Maharashtra, Telangana and Tamil Nadu.
CBI has received many important documents and electronic records during this period. Initial investigation has also revealed records related to alleged misappropriation of funds.
CBI engaged in forensic investigation
CBI is now conducting forensic investigation of the seized documents and digital evidence. The agency is trying to find out how the entire conspiracy of the alleged bank fraud was hatched, where the loan amount was used and how many people were involved in the case.
Comments are closed.