The Central Bureau of Investigation (CBI) carried out searches on 29 October in three bank fraud cases in which banks allege total losses of about ₹350 crore, according to three CBI press releases.
The cases were registered on complaints by Indian Bank and the State Bank of India (SBI). All three are at the investigation stage: the accusations are allegations, and no court has ruled on them.
The three cases
Chandra Proteco Limited — ₹210.13 crore. On a complaint by Indian Bank's Stressed Asset Management Branch in Mumbai, the CBI registered a case against the company, its directors, unknown public servants and others under cheating and anti-corruption laws. The company obtained loans and letters of credit of ₹541.46 crore from a consortium of six banks led by Indian Bank, the CBI says, and is alleged to have run clandestine accounts with other banks and siphoned off funds through associate companies. Searches at premises linked to the directors in Prayagraj, Uttar Pradesh, recovered ledgers and other documents, the agency said.
Aaj Ka Anand Papers Pvt Ltd — ₹81.66 crore. On SBI's complaint, the company is alleged to have suppressed business revenue, falsified records and diverted funds through accounts outside the agreed banking channels. Searches were held at several places in Pune, where documents and digital evidence were recovered, the CBI said.
Avaya Industries Ltd — ₹58.48 crore. SBI alleges the company obtained credit through misrepresentation, fictitious sales and inflated stocks, and diverted funds. Searches were held in Mumbai, including homes linked to the directors.
What next
The CBI says investigation is continuing in all three cases, including into the role of any public servants and how the loan money was used.
How to report a bribe demand
The CBI asks anyone approached for a bribe by a public servant to report it to the agency.
How we verified this
VerifiedEvery fact and figure is from three official CBI press releases dated 29 October 2026 (cbi.gov.in). The ₹350.27 crore total is BDT’s sum of the three amounts. Directors named in the releases are not named here because these are allegations at the FIR stage, in line with BDT’s policy.
Sources
- 1.CBI Registers Bank Fraud Case of Rs. 210.13 Crore against M/s Chandra Proteco Limited and Conducts Searches — Central Bureau of Investigation (CBI)
- 2.CBI Conducts Searches in Bank Fraud Case against M/s Aaj Ka Anand Papers Pvt Ltd — Central Bureau of Investigation (CBI)
- 3.CBI Conducts Searches in Bank Fraud Case against M/s Avaya Industries Ltd — Central Bureau of Investigation (CBI)
