The Central Bureau of Investigation (CBI) on Saturday raided five locations in Uttar Pradesh’s Gautam Budh Nagar and Ghaziabad in connection with a case of alleged bank fraud involving over ₹126 crore. The case pertains to Noida-based construction firm Supertech Limited and its promoters and directors, who allegedly caused a wrongful loss of ₹126.07 crore to IDBI Bank Ltd, officials said.
According to a CBI press release, search operations were conducted at the official and residential premises of the company’s top executives. The raids led to the recovery of incriminating documents and ₹28.5 lakh in cash from one of the director’s premises, the agency said. The searches were ongoing at the time of the statement, with more seizures likely, officials added.
The raids were carried out after the agency registered a case based on a written complaint from IDBI Bank, which alleged that Supertech and its promoters conspired with unknown bank officials to secure loan funds fraudulently, officials said.
The FIR names Supertech Limited, along with its promoter and managing director Ram Kishor Arora, and whole-time directors Sangita Arora, Mohit Arora, Parul Arora, Vikas Kansal, Pradeep Kumar, Anil Kumar Jain, and Anil Kumar Sharma. All except Sharma are residents of Gautam Budh Nagar; Sharma is based in Rajendra Nagar, Ghaziabad, officials said.
In response to the allegation, Supertech chairman RK Arora said that the process to settle the matter with the bank is underway. “The plan to deliver the housing projects and mode of payment to the IDBI Bank, has already been submitted to the Supreme Court in an ongoing case. Our one time settlement with the IDBI is already in process. We informed the CBI about the details that they sought from us. We are working out on plans to deliver the projects,” Arora told HT.
According to the FIR, the accused allegedly submitted forged documents as genuine to IDBI Bank to obtain credit facilities. The loan account was later declared fraudulent and categorised as a wilful default, causing the bank a financial loss of ₹126.07 crore.
“The accused entered into a criminal conspiracy to cheat and misappropriate the funds sanctioned by the bank,” the CBI said, adding that the agency had received a complaint from the bank and then launched a preliminary inquiry before registering a formal case.
CBI officials confirmed that coordinated raids were conducted across five premises linked to the accused, including company offices and directors’ residences in Noida and Ghaziabad.
(With inputs from Vinod Rajput)