📷 Image: Wikimedia Commons / Ministry of Home Affairs
Crime
CBI Launches Probe into ₹1,109-Crore Bank Fraud by Bhubaneswar Company
✍️ The Times of India
🗓 20 Jul 2026, 07:06 AM
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The Central Bureau of Investigation has opened a formal inquiry into a ₹1,109 crore bank fraud allegedly carried out by a company headquartered in Bhubaneswar.
The Central Bureau of Investigation (CBI) has initiated a formal probe into a bank fraud amounting to ₹1,109 crore involving a company based in Bhubaneswar. The investigation was launched after reports surfaced of irregularities in the company’s financial dealings with several banks.
Preliminary findings suggest that the company allegedly siphoned funds from multiple financial institutions, leading to significant monetary loss. The fraud is being examined under the Prevention of Money Laundering Act and other applicable statutes.
The CBI has taken over the case from the state police following the initial inquiry. Investigators have issued summons to company officials and are collecting evidence from banks and related financial entities.
Authorities expect the probe to uncover the full extent of the fraud and identify the individuals responsible. Banks and the company have been urged to cooperate fully to facilitate a swift resolution.
Preliminary findings suggest that the company allegedly siphoned funds from multiple financial institutions, leading to significant monetary loss. The fraud is being examined under the Prevention of Money Laundering Act and other applicable statutes.
The CBI has taken over the case from the state police following the initial inquiry. Investigators have issued summons to company officials and are collecting evidence from banks and related financial entities.
Authorities expect the probe to uncover the full extent of the fraud and identify the individuals responsible. Banks and the company have been urged to cooperate fully to facilitate a swift resolution.