₹47.37 Crore UCO Bank Fraud: CBI Searches in 4 States in Fraud Linked to Jupiter Bio Sciences
Moneylife Digital Team 16 July 2026
The central bureau of investigation (CBI) has conducted coordinated searches across Karnataka, Maharashtra, Telangana and Tamil Nadu in connection with an alleged bank fraud of ₹47.37 crore involving Hyderabad-based Jupiter Bio Sciences Ltd, the company's managing director, directors, unknown public servants and private individuals.
 
The searches were carried out following the registration of a case on 29 June 2026, based on a complaint filed by UCO Bank alleging that the accused defrauded the bank while availing credit facilities, causing a wrongful loss of ₹47.37 crore.
 
According to CBI, the case was registered pursuant to directions issued by the Telangana High Court through orders dated 5 March 2026 and 24 April 2026, in connection with a petition filed by UCO Bank and a review petition filed by the agency.
 
The investigating agency alleged that the accused secured bank credit facilities by submitting fake proforma invoices and inflated valuation reports for collateral securities. These documents were allegedly used to obtain loans fraudulently, resulting in substantial financial losses to the lender.
 
As part of the investigation, CBI teams searched multiple premises, including residential properties linked to the directors of Jupiter Bio Sciences, in the four states.
 
The agency said the searches led to the recovery of incriminating documents and digital evidence. The seized material includes records indicating the alleged diversion of funds, as well as other documents relevant to the investigation.
 
According to CBI, the recovered evidence is being scrutinised to establish the full extent of the alleged conspiracy, trace the movement of funds and determine the roles of all individuals involved in the case.
 
The agency said further investigation is underway. 
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