In its charge sheet filed at special CBI court in Tis Hazari, the CBI has slapped charges of criminal conspiracy, cheating, forgery and provisions of the Prevention of Corruption Act on the then CMD R K Dubey, then executive directors Ashok Kumar Gupta and V S Krishna Kumar, and two directors of the Occasion Silver Pvt Ltd Kapil Gupta and Raj Kumar Gupta, besides the company.

The then deputy general manager of the bank Mukesh Mahajan, the then Chief General Manager T Sreekanthan, and the then Assistant General Manager Upendra Dubey have also been charged by the agency, they said. "The CBI had registered a case on January 27, 2016 on the allegations that the company, dealing in wholesale and retail trading of silver jewellery and articles, diamond, gold jewellery, imitation jewellery, gift items, crockery items etc. had cheated Canara Bank to the tune of Rs 68.38 crore (approx) through its accounts at Kamla Nagar, New Delhi branch of the bank," CBI spokesperson Abhishek Dayal said .

It is alleged that the loan was sanctioned in December 2013, disbursed within the next three months, and turned NPA on September 29, 2014 within a year of its opening, he said. The agency has alleged that the funds were siphoned off through a chain of alleged bogus transactions facilitated by fake sister concerns, family members and bank officials, including the top executives, he said. "It was also revealed during investigation that there was an alleged nexus between the bank officials with the private persons which led to the perpetration of the fraud," he said.

The agency has alleged that Guptas knew Dubey and used the connection in getting loans, an official said. It is alleged that the CBI has recovered text messages from the CMD, directing subordinate officers to favour the Kamala Nagar-based company in disbursing the loan, they said.