CBI Raids Kolkata Locations in ₹1,000 Crore UCO Bank Fraud Probe

The Central Bureau of Investigation (CBI) on Thursday, January 29, 2026, carried out extensive raids at multiple locations across Kolkata in connection with an alleged ₹1,000 crore bank fraud involving a Kolkata-based finance company. The agency raided offices and residential premises of the promoters of the company, Sunil Kanoria and Hemant Kanoria, in places like Alipore and New Town, on a complaint by UCO Bank. The case involves supposed loan defaults and embezzlement of funds during a number of years. This was a round of searches that did not result in any arrests and the investigation is still in progress.

Raids Focus on Promoters’ Offices and Residences

The searches by CBI were made at various critical points at the same time to the promoters of Shrey (also known as Shreyee), a finance company based in Kolkata under investigation. The investigation included corporate headquarters and residential houses of high value in sophisticated areas such as Alipore and New Town, which shows the level and intensity of the investigation. Sources claim that investigators looked at financial documentation, electronic equipment and documents related to property to find possible evidence of diversion of funds. The raids were also part of a larger strategy of tracking the flow of finances that were illegally drawn off bank loans. Nevertheless, Sunil Kanoria was said to be absent in his home at the time of the searches, which is one of the factors that made no arrests to be done at the moment. CBI is likely to examine confiscated materials in order to find connections between the borrowed funds and their final use, such as potential shell entities or associated companies.

Alleged Loan Fraud Between 2014 and 2020

The case is connected with the loans supposedly taken in 2014-2020 in the course of which the accused company and an associate firm are said to have obtained credit facilities in the amount of almost 1,000 crore in one of the public sector banks. Detectives believe that a good part of the money was embezzled or stolen rather than being utilised to carry out honest business activities. The loans were supposedly transformed to the non-performing assets (NPAs) when the repayments ceased and UCO Bank filed the formal complaint. The CBI is currently investigating the issue of whether the borrowers breached the terms of the loans, or falsified financial reports, or moved the money through the various entities. This timeframe examination is essential, as it can demonstrate the tendency of intentional default and not business failure. According to the officials, the so-called fraud is a symptom of systemic abuse of banking channels, which will lead to questions about the control and risk evaluation of the lenders at that period.

Legal Challenge and Ongoing Investigation

After the raids, the finance company relocated to Calcutta High Court, questioning the validity of the search activities conducted by the CBI. It is anticipated that the petition will raise procedural issues and request an injunction against additional coercion. At the same time, the CBI has made it clear that the probe remains in the evidence-gathering phase and that more steps will be taken after forensic examination of the paperwork and money trails. Authorities are also trying to chart out the movement of money in the accounts, properties, and may be overseas transactions, in case they exist. Although no arrest has been charged yet, it is believed that summons and interrogation of key persons would come in the future. It is a closely monitored case, which continues to be added to an increasing list of high-value banking frauds between public sector banks and corporate borrowers.