The Enforcement Directorate has frozen 139 bank accounts linked to Gupta Power Infrastructure Limited (GPIL) and taken action involving mutual funds, shares and three luxury vehicles during searches in West Bengal and Odisha. The operation followed searches at nine premises on 5 October 2026 under the Prevention of Money Laundering Act. According to the agency, the investigation stems from a CBI-registered FIR concerning working-capital facilities obtained from a consortium of banks. The consortium’s reported exposure was approximately ₹3,590 crore, including ₹1,174 crore sanctioned by Canara Bank.
ED Freezes 139 Bank Accounts in Gupta Power Infrastructure Money Laundering Case
The Enforcement Directorate has frozen 139 bank accounts linked to Gupta Power Infrastructure Limited, besides mutual funds, shares and three luxury cars after searches in West Bengal and Odisha.
The ED has frozen 139 bank accounts of Gupta Power Infrastructure Limited (GPIL), a West Bengal-registered company, in an investigation into alleged bank fraud and money laundering, an agency statement said Saturday.
The Enforcement Directorate (ED) under the Union Ministry of Finance said the action was launched on the basis of searches carried out on 5 October 2026 at nine premises in West Bengal and adjoining Odisha.
Searches were conducted at premises linked to GPIL, related entities and persons associated with its management. The investigators seized documents, electronic devices and other records under the Prevention of Money Laundering Act (PMLA), 2002.
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The ED said the freezing order covered the 139 bank accounts of the company, mutual funds and shares held by GPIL and related persons.
The agency also seized three luxury vehicles, including two Mercedes cars and a BMW, during the operation. The material seized and related financial transactions remain under investigation, authorities said.
In its statement, the ED said the probe was based on a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI).
The FIR allegedly stated that GPIL had availed substantial fund-based and non-fund-based working capital facilities from a consortium of banks led by Canara Bank.
As per details furnished by the ED, the total exposure of the consortium was around Rs 3,590 crore and Canara Bank had a sanctioned exposure of around Rs 1,174 crore.
What these figures show is the scale of the lending being considered. The freezing of accounts and seizure of assets, however, do not in themselves establish criminal guilt.
GPIL Bank Fraud Investigation Examines Stock and Receivables
The ED alleged GPIL had inflated stock reported to lenders compared to figures in its audited financial statements, thus manipulating its drawing power and borrowing capacity.
The agency said the company also added about Rs 280 crore of project and engineering, procurement and construction (EPC) stock as eligible inventory while seeking working-capital facilities.
The alleged discrepancies are at the core of the investigators’ probe into whether the company’s reported assets were in line with limits on its borrowing set by the banking consortium.
The ED also alleged that disputed and doubtful receivables were continued to be shown as eligible receivables, including those claims which were reportedly rejected by the National Company Law Tribunal (NCLT).
Its statement pointed to a difference of about Rs 1,115.15 crore in receivables reported by GPIL. This indicated a possible inflation of current assets and a consequent increase in the borrowing limits, the agency said.
The charges concern the veracity of financial information provided to banks and the possible effect on lending decisions. The available statement does not make a final determination of liability.
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What Happens Next in the Gupta Power Infrastructure Case?
The ED is analysing the seized documents, electronic devices and financial transactions to establish the movement and use of funds, it said.
The probe is based on allegations arising out of the FIR registered by CBI and the subsequent examination of GPIL's reported stock, receivables and borrowing arrangements.
The freezing of bank accounts, investments and vehicles is an investigative measure within the framework of money laundering. The next steps in the legal process will depend on what evidence is collected and what the agency later finds.
As the case develops, details about the banking consortium, the company’s financial records and the disputed transactions may provide insight into how far the alleged irregularities go.
Sprouts News will continue to monitor official developments in the investigation. The allegations are still the subject of legal proceedings, and any determination of responsibility must be in accordance with the applicable judicial process.
