5 days ago
CBI Finishes IFCI Loan Probe, But Prosecution Remains Stalled
The CBI investigated a loan given by IFCI to a new company called GTPL.
The loan was worth about ₹55 crore.
Investigators suspect that some IFCI officials and company representatives may have broken rules to obtain the money.
The loan used an unusual promise of repayment backed by foreign companies and insurance.
GTPL had few established assets when the loan was approved.
The loan was not repaid on time and became a bad loan in 2019.
The CBI completed its investigation and filed a charge-sheet.
However, the court said permission to prosecute the accused was still pending as of March 6, 2026.
The CBI investigated alleged corruption and irregularities in a ₹55.26-crore IFCI loan to Gouttephone Technology Pvt. Ltd. for more than five years.
Several senior IFCI officials were named as accused, and the case includes allegations under the Prevention of Corruption Act, criminal conspiracy and cheating.
The loan was sanctioned on November 14, 2017, and the account became a non-performing asset in March 2019 after repayment delays.
The CVC alleged that the loan was structured as a short-term facility to reduce normal scrutiny despite GTPL being newly incorporated and lacking established assets or a credit rating.
A March 6, 2026 order by a Special CBI court recorded that prosecution sanction for the accused was still awaited.
- Who
- The Central Bureau of Investigation investigated Gouttephone Technology Pvt. Ltd. and several senior IFCI officials.
- What
- The case concerns alleged corruption, conspiracy, cheating and irregularities in a ₹55.26-crore IFCI loan.
- Where
- The case is pending before a Special CBI court in New Delhi; the proposed GTPL plant was to be located at Visakhapatnam Industrial Park SEZ in Andhra Pradesh.
- When
- The loan was sanctioned on November 14, 2017; it became an NPA in March 2019; and a court order dated March 6, 2026 recorded that prosecution sanction was pending.
- Why
- Investigators allege that the loan was approved through procedural deviations and an unusually structured security arrangement, causing the facility to become an NPA.
Key facts
- Loan amount
- Approximately ₹55.26 crore, equivalent to a proposed USD 8.5 million short-term facility.
- Borrower
- Gouttephone Technology Pvt. Ltd., incorporated in February 2017 to manufacture touch-screen panels.
- Loan sanction date
- November 14, 2017.
- NPA date
- March 2019, following delays in repayment.
- Proposed security
- A promissory note from BishopGate Capital Ltd. of Malaysia, insured by Archipelago Insurance Ltd. and reinsured by General Insurance Corporation of India, along with personal guarantees from two GTPL directors.
- Investigation history
- An IFCI vigilance inquiry was followed by CVC scrutiny, a CVC-directed CBI investigation lasting more than five years, and a charge-sheet.
- Current status
- The case is pending before a Special CBI court, while prosecution sanction for the accused remains awaited.
Sources
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