The Central Bureau of Investigation has registered a case against a metal company in a ₹61.13 crore bank fraud case. The company allegedly failed to repay loans taken from a group of banks led by Union Bank of India. It is also accused of using the loan money for purposes that were not approved.
The company, Laxmiroop Pvt Ltd, is based in Chhattisgarh. Its transactions with the banks between 2023 and 2025 are now under investigation. The group of banks also includes Federal Bank.
Due to non-payment of loans, the company’s account was declared a Non-Performing Asset (NPA) on February 26, 2025, by Union Bank of India. Later, Federal Bank reported the account as “fraud” to the Reserve Bank of India on June 16, 2025. Union Bank of India also reported it as fraud on September 23, 2025.
The FIR in this case was registered by the Mumbai unit of the Central Bureau of Investigation on February 13. It was based on a complaint filed by a Deputy General Manager of Union Bank of India. The case has been registered under sections related to criminal conspiracy, cheating, and misconduct under the Indian Penal Code and the Prevention of Corruption Act.
According to the complaint, the company allegedly took loans by giving false information. It submitted fake stock statements to banks to get higher cash credit limits than it was eligible for. It is also accused of using the loan money for purposes other than those for which it was approved.
The complaint further states that the company and its four directors, along with some unknown public officials and private persons, worked together to misuse bank funds. This caused a loss of ₹61.13 crore to the banks and gave illegal gains to the accused.
