Taking major action on Wednesday, July 15, in the bank fraud case of Rs 47.37 crore, CBI has simultaneously raided several locations in Karnataka, Maharashtra, Telangana and Tamil Nadu. The action was taken against Jupiter Bio Sciences Limited, its Managing Director (MD), directors and other unidentified government and private persons on the complaint of UCO Bank, Hyderabad.
UK Bank had filed a writ petition in the Telangana High Court in this matter. On this petition, the Telangana High Court, in its orders dated 5 March 2026 and 24 April 2026, had directed the CBI to register a case and investigate. CBI registered this case on 29 June 2026. After this, raids were conducted at the premises of Jupiter Bio Sciences Limited and its associated officials.
What are the charges against the company and its directors?
According to CBI, the accused had submitted fake proforma invoices and inflated valuation reports of the mortgaged properties to take loans from the bank. On the basis of these documents, credit facilities were obtained from the bank. Due to this, UCO Bank suffered a loss of Rs 47.37 crore. After the case was registered, CBI conducted searches at several locations in four states including residences associated with the directors of the company.
CBI found many important documents and digital evidence
Now the CBI conducted a simultaneous search operation at several residential and other premises linked to the accused company and its directors in four states namely Karnataka, Maharashtra, Telangana and Tamil Nadu. The investigating agency had found many important documents and digital evidence. These also include records related to alleged misappropriation of funds. CBI is now examining the recovered documents and digital evidence.
CBI is also conducting forensic investigation of documents and electronic evidence.
CBI is also conducting forensic examination of documents and electronic evidence. The agency is trying to find out how the entire conspiracy of the alleged bank fraud was hatched, where the loan amount was used and how many people were involved in it. In the last few years, incidents of fraud in banks on the basis of fake documents and exaggerated valuation reports have increased.
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