According to latest reports, the attack took place when 120 CRPF personnel were returning from a road opening duty in the Naxalite-infested Mukrana forest between 6:00-7:00 am.
Over 1,000 Maoists reportedly fired at the jawans from hill tops.
Chhattisgarh Director General of Police Viswa Ranjan said, "A massive contingent of heavily armed Maoists ambushed a CRPF team in a hilly stretch."
"We have rushed helicopters to evacuate the casualties," he said.
Police spokesman and Inspector General R K Vij said, "73 bodies of the personnel have been recovered from the site of the attack."
The death toll in the attack may rise as many of the personnel have been seriously injured.
The attack came two days after Maoists triggered a landmine blast killing 10 security personnel and injuring several others in Orissa's Koraput district.