Gupta Power Infrastructure Limited bank accounts frozen by ED

The Enforcement Directorate (ED) has frozen 139 bank accounts belonging to Gupta Power Infrastructure Limited (GPIL), a company registered in West Bengal, as part of a money laundering investigation. The action follows raids conducted on October 5 across nine locations in West Bengal and Odisha involving the company, its affiliates, and its management.

The investigation stems from a Central Bureau of Investigation (CBI) FIR regarding bank fraud. GPIL is accused of manipulating its drawing power and borrowing capacity by misrepresenting stock levels in its audited financial statements. The company reportedly obtained significant fund-based and non-fund-based working capital facilities from a consortium of banks, with a total exposure of approximately 3,590 crore rupees. Canara Bank served as the lead bank with an exposure of about 1,174 crore rupees.

In addition to the frozen bank accounts, the ED has frozen various mutual funds and shares held by the company and associated individuals. Authorities also seized three luxury vehicles, including two Mercedes and one BMW. The agency continues to investigate the seized documents, devices, and financial transactions.