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CBI Files Criminal Case Against Supertech Over Rs126 Crore IDBI Bank Fraud

Searches uncovered Rs28.5 lakh in cash alongside forged documents tying company directors to the fraud

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According to the FIR, the accused allegedly submitted forged documents as genuine to IDBI Bank to obtain credit facilities (HT Archive)
The searches were still in progress and more seizures were likely, the officials added. (FOR REPRESENTATION)
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Overview

  • On June 14, the CBI registered an FIR against Supertech Limited and its directors, including Ram Kishor Arora and Sangita Arora, for allegedly defrauding IDBI Bank of Rs126.07 crore
  • The FIR alleges the accused submitted forged and fabricated documents to secure credit facilities and diverted sanctioned loan funds for unauthorized purposes
  • Coordinated raids at five locations in Noida and Ghaziabad recovered Rs28.5 lakh in cash and seized incriminating documents from the company’s residential and office premises
  • IDBI Bank had sanctioned a Rs200 crore term loan to Supertech in 2014, repayable in 11 quarterly instalments from March 2017, but the account was declared a wilful default with Rs126.07 crore outstanding
  • The investigation follows an April Supreme Court directive ordering the CBI to probe an alleged nexus between builders and banks under subvention schemes