What Led to the Rs 126 Crore Bank Fraud Involving Supertech?
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Synopsis
The CBI's recent raid on Supertech Limited's properties reveals a shocking case of fraud involving IDBI Bank. With assets seized worth Rs 28.50 lakh, the investigation uncovers a web of deceit and mismanagement that has left many questioning the integrity of real estate practices. Stay tuned for the latest updates.
Key Takeaways
- CBI raids on Supertech properties reveal a serious fraud case.
- Seized assets include documents and cash worth Rs 28.50 lakh.
- Allegations involve criminal conspiracy and forgery.
- Supreme Court orders investigation into banking practices.
- Transparency in real estate financing is crucial for consumer trust.
New Delhi, June 14 (NationPress) The Central Bureau of Investigation (CBI) conducted raids on five commercial and residential locations associated with Supertech Limited and its executives, recovering incriminating documents and cash amounting to Rs 28.50 lakh in relation to a Rs 126 crore fraud involving IDBI Bank.
The Bank Securities and Fraud Branch of the CBI initiated an FIR on Thursday against Supertech Limited and its officials, prompted by a complaint from Hari Kumar Meena, Deputy General Manager of IDBI Bank, NPA Management Group, New Delhi.
In his allegation, Meena outlined several criminal activities, including conspiracy, cheating, forgery, the use of forged documents as genuine, criminal breach of trust, and misconduct by the directors of Supertech Limited, which is located in Sector 96, Noida.
The CBI's case was based on an alleged conspiracy among the company’s directors in collusion with unidentified public servants, resulting in IDBI Bank being defrauded of Rs 126.07 crore after providing a loan of Rs 200 crore to the real estate company.
The CBI has charged not only the company, listed as one of the ten accused, but also the directors and other officials of Supertech.
Named in the FIR are Ram Kishor Arora, Sangita Arora, Mohit Arora, Anil Kumar Sharma, Vikas Kansal, Pradeep Kumar Goel, Anil Kumar Jain, and Parul Arora.
The complaint filed by the bank asserted that Supertech and its officials executed a fraud involving misappropriation, fraudulent encashments through forged instruments, manipulation of accounting records, and the use of forged balance sheets.
In 2014, under a consortium banking agreement with Union Bank of India, a term loan of Rs 200 crore was sanctioned to the real estate company.
Meena noted in his complaint that the loan was to be repaid in 11 equal quarterly installments beginning in March 2017; however, the company did not comply, leading to an outstanding principal of Rs 126.07 crore owed to IDBI Bank.
In April, the Supreme Court ordered the CBI to investigate the connections between Supertech and eight banks for failing to complete projects on time, compelling homeowners to continue paying EMIs.
The apex court criticized the developers and banks for creating an ‘unholy nexus’ aimed at misleading homebuyers.
Point of View
We must remain vigilant in our reporting, ensuring that we highlight both the severity of the allegations against Supertech Limited and the broader implications for the real estate sector. This situation underscores the need for transparency and accountability in financial dealings, aligning with the public's right to know.
NationPress
15/06/2025
Frequently Asked Questions
What triggered the CBI investigation into Supertech?
The CBI initiated the investigation following a complaint from IDBI Bank regarding allegations of fraud totaling Rs 126 crore.
What actions were taken by the CBI?
The CBI searched multiple properties linked to Supertech and seized documents and cash worth Rs 28.50 lakh.
Who are the individuals named in the FIR?
The FIR includes names such as Ram Kishor Arora, Sangita Arora, Mohit Arora, and several other directors of Supertech.
What are the main allegations against Supertech?
The allegations include criminal conspiracy, cheating, forgery, and misappropriation of funds.
How did the Supreme Court respond to the situation?
The Supreme Court has ordered a CBI investigation into the nexus between Supertech and several banks regarding project delays and financial misconduct.
