The Central Bureau of Investigation carried out coordinated search operations related to a bank fraud case involving M/s Jupiter Bio Sciences Ltd, its MD, directors, and others. The case, based on a complaint from UCO Bank in Hyderabad, alleges a wrongful loss of Rs 47.37 crore to the bank. The searches spanned locations in Karnataka, Maharashtra, Telangana, and Tamil Nadu, including properties linked to the accused company’s directors.
Post registration of the case, incriminating documents and digital evidence were seized during the searches. These materials, which include records of fund diversion, are crucial for determining the full scope of the conspiracy and the roles of all involved parties. The investigation is ongoing, with further scrutiny into the alleged bank fraud case continuing.
Loans amounting to Rs 56 crore were sanctioned by the bank in 2008-2009, eventually turning into non-performing assets. A forensic audit in 2023 highlighted the fabrication of quotations, fund diversions, and inflated property valuations. Subsequently, the bank classified the account as fraudulent and reported the issue to the Reserve Bank of India, leading to complaints lodged with the CBI.
