1700 Billion Rupee Corporate Fraud Case

In 2025, Indian authorities uncovered a massive corporate fraud amounting to 1700 billion rupees (₹17,000 crore) involving a leading infrastructure and energy conglomerate, GreenTech Infra Ltd. The company's founder, Vikram Malhotra, and CFO Sunita Reddy allegedly fabricated project revenues and forged documents to secure loans from a consortium of public sector banks including SBI and PNB. Funds were siphoned to shell companies in Mauritius and Dubai. The Enforcement Directorate and CBI launched coordinated raids, freezing assets worth ₹8,000 crore. The scandal triggered a liquidity crisis for the banks and prompted the RBI to order a forensic audit of the entire loan portfolio. The case is currently being tried in a special CBI court in Mumbai.

The trial is ongoing; key defendants are in judicial custody; asset recovery proceedings continue.

Whether the banks failed in their due diligence; whether the auditor colluded in the fraud; and the complex cross-border tracing of laundered money.

The fraud eroded public trust in corporate governance, led to calls for stricter audit regulations, and deepened concerns over India's non-performing asset crisis.