The Enforcement Directorate (ED) on Saturday, 10 October 2026, confirmed freezing 139 bank accounts of Gupta Power Infrastructure Limited (GPIL), a West Bengal-registered company, in connection with a money-laundering investigation linked to an alleged bank fraud involving a consortium exposure of approximately ₹3,590 crore. The action is among the most sweeping asset-freezing moves the agency's eastern regional office has undertaken this year.

Raids and Seizures That Triggered the Freeze

The ED's Kolkata-based eastern regional office conducted raids and search operations across nine locations in West Bengal and neighbouring Odisha on 5 October 2026, targeting premises linked to GPIL, its associated entities, and individuals connected with its management. Following the searches, the agency stated that various incriminating documents, digital devices, and financial records were seized under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

Beyond the 139 bank accounts, the ED also froze a number of mutual fund holdings and shares held in the name of GPIL and associated individuals. Additionally, three high-end vehicles — two Mercedes and one BMW — were confiscated during the operation.

The Alleged Bank Fraud: What the ED Claims

The ED's probe was initiated on the basis of an FIR registered by the Central Bureau of Investigation (CBI), which alleged that GPIL had availed substantial fund-based and non-fund-based working-capital facilities from a consortium of banks, with Canara Bank as the lead lender. The consortium's total exposure stood at approximately ₹3,590 crore, of which Canara Bank's sanctioned exposure alone was around ₹1,174 crore.

According to the ED, GPIL allegedly manipulated its drawing power and borrowing capacity by substantially inflating stock figures reported to banks compared to those reflected in its audited financial statements. The company reportedly included around ₹280 crore worth of project and EPC stock as eligible working-capital stock — a classification the agency says was impermissible.

The ED statement further alleged that disputed and doubtful receivables — including claims reportedly rejected by the National Company Law Tribunal (NCLT) — were continued to be represented as eligible receivables. A major discrepancy of around ₹1,115.15 crore was observed in the receivables reported by GPIL, 'indicating possible inflation of its current assets and consequent enhancement of borrowing limits,' the ED stated.

Investigation Status and What the Agency Said

'The contents of the seized material and financial transactions are currently under investigation,' the ED said in its official statement. The agency, which functions as the investigation arm of the Ministry of Finance, has not yet named any individual accused or made any arrests in connection with this case.

This is notably the latest in a series of large-scale PMLA actions the ED has taken against corporate entities in eastern India, where bank fraud cases linked to inflated stock and receivables have drawn regulatory attention in recent years.

What Happens Next

With seized material under active scrutiny, investigators are expected to issue formal notices under the PMLA and could move toward attaching immovable properties if the evidence trail warrants it. Any charge sheet or supplementary prosecution complaint before the PMLA court will depend on the outcome of the ongoing financial forensics. GPIL has not issued a public statement in response to the ED's claims, and its position remains to be formally heard.