The Central Bureau of Investigation (CBI) has arrested two private individuals in connection with a ₹64.82 crore bank fraud involving forged fixed deposits created in the name of the Uttar Pradesh Forest Corporation (UPFC) at the Bank of India's Sadar Branch, Lucknow. The arrests, made following multi-state surveillance and coordinated field operations, were confirmed by a CBI official on Thursday, 14 May.

How the Fraud Was Carried Out

According to the CBI, the two accused — Deepak Sanjeev Suvarna and Deepak Yadava, both private persons — allegedly conspired with unknown public servants to fraudulently open a fake bank account in the name of UPFC. The account was opened using forged KYC documents, fabricated authorisation letters, and fake board resolutions, the agency said.

Armed with these forged credentials, the accused reportedly induced the bank to transfer ₹64.82 crore into the account for the creation of Fixed Deposit Receipts (FDRs) purportedly on behalf of UPFC. The agency said the accused subsequently diverted ₹6.95 crore through RTGS transfers to six beneficiary firms based in Kolkata and New Delhi.

How the Fraud Was Detected

The scheme unravelled when UPFC officials alerted the Bank of India that no such authorisation had ever been issued by the corporation, and that the accused had no legitimate association with UPFC. The bank subsequently filed a complaint with the CBI, which registered the case on 15 January.

Following the complaint, the CBI conducted extensive searches across multiple states to trace the accused, who had been absconding. After sustained surveillance and coordinated field operations, both individuals were located and arrested.

Court Remand and Legal Proceedings

The arrested accused were produced before the Court of Special Judge, Anti-Corruption (West), Lucknow, which remanded them to police custody until 16 May, according to the CBI statement. The agency has not yet named the unknown public servants allegedly involved in the conspiracy.

Separate Bank of India Fraud in Bhadohi

In a related but separate case, the CBI has booked Tausif Akhtar, a credit manager at Bank of India's Bhadohi branch, for an alleged fraud involving ₹9.2 crore. According to the bank's complaint, Akhtar reportedly opened multiple loan accounts against Term Deposit Receipts (TDRs), third-party TDRs, and Mudra Loans by submitting fictitious and fabricated credentials — without the knowledge or consent of the borrowers or FDR holders.

Akhtar, aided allegedly by unknown others, is accused of misappropriating loan proceeds into other accounts for personal gain. The CBI registered the FIR against him on 11 May, charging him with criminal breach of trust, forgery of valuable security, forgery for the purpose of cheating, using a forged document as genuine, criminal conspiracy, and criminal misconduct by a public servant.

Pattern of Banking Fraud in Focus

This comes amid a broader pattern of forged-document bank frauds targeting public sector lenders in Uttar Pradesh and other states. Notably, both cases involve Bank of India branches and the use of fabricated credentials to siphon funds — pointing to potential gaps in KYC verification and internal audit processes at branch level. The CBI's multi-state operation to track the absconding accused signals the agency is prioritising active field pursuit rather than relying solely on financial trail analysis.

With the Bhadohi case still at the FIR stage and the Lucknow case in police custody, both investigations are at an early phase. Charge-sheets and the identification of the unnamed public servants allegedly involved will be critical next steps.