Investigation reveals ₹3,590 crore loan fraud by Gupta Power Infra

The ED's probe, launched after a Central Bureau of Investigation (CBI) FIR, has uncovered a massive loan fraud involving Gupta Power Infrastructure Limited. The company obtained a consortium of bank facilities worth approximately ₹3,590 crore, with Kenra Lead Bank alone approving a exposure of around ₹1,174 crore. According to the Directorate, GPIL manipulated its borrowing capacity by inflating stock figures in audited financial statements and by misclassifying project and EPC stock worth about ₹280 crore as eligible collateral. The investigation also highlighted a discrepancy of roughly ₹1,115 crore between declared and actual liabilities, indicating deliberate overstatement of assets to boost borrowing limits.