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2 clusters · 5 sources · 2 days · First seen · Last updated

Gupta Power Infrastructure Limited money laundering probe

Overview

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

The investigation originated from a Central Bureau of Investigation (CBI) FIR concerning bank fraud. GPIL is accused of misrepresenting stock levels in audited financial statements to manipulate its borrowing capacity. The company reportedly secured working capital facilities from a consortium of banks totaling approximately 3,590 crore rupees, with Canara Bank acting as the lead bank with an exposure of about 1,174 crore rupees.

Beyond the frozen accounts, authorities have frozen mutual funds and shares held by the company and associated individuals, and seized three luxury vehicles. The agency is continuing its investigation into seized documents and financial transactions.

Entities

Gupta Power Infrastructure Limited · Eskom · Gupta family · Central Bureau of Investigation · Mpumalanga

Timeline

  1. [CRIME] 2 sources
    Gupta Power Infrastructure Limited bank accounts frozen by ED

    India's Enforcement Directorate has frozen 139 bank accounts and seized luxury assets of Gupta Power Infrastructure Limited amid a massive bank fraud and money laundering investigation.

  2. [CRIME] 3 sources
    Gupta-linked companies convicted in South African mine fraud case

    Gupta-linked companies and two directors have been convicted in South Africa for fraud and money laundering involving over R100 million intended for coal mine rehabilitation in Mpumalanga.

Sources

independentpress.cc · punjabkesari.com · samacharnama.com · sundayworld.co.za · townpress.co.za