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