CBI Court Convicts SRS Company Directors In ₹152-Crore Canara Bank Fraud Case

Panchkula — A special CBI court in Panchkula has convicted directors of SRS Real Estate Ltd and SRS Real Infrastructure Ltd in a high-profile ₹152-crore Canara Bank fraud case, more than five years after the investigation began. The court detailed how loan funds were allegedly siphoned off through shell companies and diverted from their intended purposes.

Case Origins

The case began on July 14, 2020, following a complaint from Canara Bank’s Circle Office in Karnal, Haryana. The bank alleged that the two SRS firms, in conspiracy with their directors and associates, had fraudulently obtained loans worth ₹152 crore and diverted the proceeds for unrelated purposes.

Investigation Findings

CBI investigators found that SRS Real Infrastructure Ltd obtained a credit limit of ₹42 crore, causing a loss of ₹41.95 crore to the bank. Meanwhile, SRS Real Estate Ltd secured loans of ₹110 crore. About ₹93.20 crore was allegedly routed through shell companies with no genuine business activity, breaking any connection between borrowed funds and the sanctioned projects.

Two chargesheets were filed on December 31, 2022, detailing the alleged conspiracy, fund movements, and the roles of company directors and associates.

Convictions and Sentences

On December 22, 2025, the court convicted all accused, with sentences pronounced on January 13, 2026:

• Anil Jindal, Bishan Bansal, Nanak Chand Tayal, Rajesh Singla – convicted under IPC Section 420 (cheating) and sentenced to five years rigorous imprisonment.
• Seema Narang and Dheeraj Gupta – convicted under Sections 120-B (criminal conspiracy), 420, 468 (forgery), 471 (using forged documents), sentenced to four years rigorous imprisonment. All sentences will run concurrently.

Court Proceedings

During sentencing, some convicted individuals requested permission to continue medical treatment in custody. The court allowed this, directing jail authorities to ensure medicines were provided according to prescriptions.

The verdict underscores the CBI’s role in tackling large-scale financial fraud and reinforces accountability for corporate malfeasance in India’s banking sector.