The Central Bureau of Investigation (CBI) has registered an FIR in an alleged ₹11.38 crore bank loan fraud following a complaint by Union Bank of India against Dhamtari Kpex Private Limited, its directors, guarantor, unidentified bank officials and other unknown persons.

The case came to light after central agencies conducted searches at a residence on Gaurav Path in Baloda Bazar from Saturday evening to Sunday evening. While the operation was initially believed to be an Enforcement Directorate (ED) raid, the FIR confirms that the action was carried out by the CBI, with the Income Tax Department also conducting proceedings in connection with the matter.

Bank Alleges Diversion of Loan Funds

According to the FIR, Union Bank of India Regional Office, Raipur, through its Deputy General Manager and Regional Head Randhir Kumar, lodged a complaint on May 7, 2026, alleging that the company misused credit facilities sanctioned by the bank, causing significant financial loss.

Investigators allege that the accused diverted loan funds instead of utilising them for the intended business purpose.

Export Credit Facility Under Scanner

CBI said the company, engaged in bauxite trading and exports, was sanctioned an Export Packing Credit (EPC) facility of ₹15 crore on April 19, 2023.

The sanctioned limits included:

• ₹5 crore Cash Credit (CC)

• ₹7.50 crore Letter of Credit (LC)

• Other export-related banking facilities

The agency alleges that the company manipulated these facilities by routing money through associated firms.

Funds Allegedly Routed Through Related Firms

According to the investigation, loan proceeds were allegedly transferred to sister concerns and associated entities, including:

• Bharat Multi Trade

• Chris Enterprises

• Radhe Krishna Enterprises

CBI claims these firms had business or family links with the company's promoters and guarantors.

Investigators further alleged that funds withdrawn from the Cash Credit account were routed through these firms and deposited into the Export Packing Credit account on the same day, creating the impression that export credit liabilities had been repaid.

Transactions Under Investigation

The FIR highlights several transactions that are under scrutiny:

• March 26, 2024: ₹91 lakh transferred from the Cash Credit account and an equivalent amount deposited into the Packing Credit account.

• March 27, 2024: Around ₹1.63 crore routed similarly before being credited back.

• March 28, 2024: Nearly ₹1.97 crore allegedly circulated through related entities and redeposited.

CBI estimates that around ₹4.51 crore was allegedly rotated through this mechanism to artificially adjust liabilities.

Loan Turned NPA

The bank stated that the borrower failed to service the loan, following which the account was declared a Non-Performing Asset (NPA) on October 12, 2024.

As of January 31, 2026, the outstanding dues reportedly stood at ₹11.38 crore.

Accused Named in FIR

The FIR names:

• Dhamtari Kpex Private Limited

• Rajlakshmi Saraf (Director)

• Abhishek Gupta

• Kushal Soni (Guarantor)

• Unidentified bank officials

• Other unknown persons

The accused have been booked under provisions relating to criminal conspiracy, cheating, criminal breach of trust, falsification of accounts, and relevant sections of the Prevention of Corruption Act, 1988.

CBI to Probe Financial Trail

The investigating agency said preliminary findings indicate sufficient grounds to investigate alleged misuse of bank funds and possible criminal conspiracy.

CBI will now examine financial transactions, the role of associated companies, bank officials and other individuals linked to the sanction and utilisation of the loan.