ED froze Gupta Power bank accounts after launching broad anti-money laundering raids across West Bengal and Odisha. Specifically, the Enforcement Directorate confirmed the action against West Bengal-registered Gupta Power Infrastructure Limited (GPIL) on Saturday, October 10. Furthermore, central officers froze 139 corporate accounts linked to the company and its management.
Anti-money laundering raids target West Bengal corporate entity
Specifically, ED Kolkata officers searched nine locations across West Bengal and Odisha on October 5. Officers seized incriminating digital records, devices, and financial documents under PMLA provisions.
Additionally, the central enforcement agency froze mutual funds and shares held by GPIL executives. Meanwhile, investigators confiscated three luxury vehicles, including two Mercedes-Benz cars and one BMW.
| Seized Asset Category | Investigation Action Details |
| Financial Accounts | 139 bank accounts, mutual funds, and equities frozen |
| Confiscated Assets | 3 luxury vehicles (2 Mercedes-Benz, 1 BMW) |
| Consortium Loan Exposure | ₹3,590 crore across multiple lenders |
| Lead Bank Sanction | ₹1,174 crore sanctioned exposure by Canara Bank |
| Inflated Receivables | ~₹1,115.15 crore discrepancy in reported assets |
CBI FIR exposes ₹3,590 crore loan facility manipulation
The money laundering probe stems from a Central Bureau of Investigation FIR. Specifically, GPIL availed ₹3,590 crore in working-capital facilities from a bank consortium led by Canara Bank.
However, GPIL allegedly manipulated borrowing limits by inflating reported stock values against audited statements. Furthermore, the firm included ₹280 crore in ineligible project stock and misrepresented ₹1,115.15 crore in doubtful receivables. Therefore, as the ED freezes Gupta Power bank accounts, central agencies continue tracing siphoned funds.
