Has CBI Filed Charges Against Supertech and Its Officials for Rs 126 Crore Fraud with IDBI Bank?
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Synopsis
The CBI has taken significant steps against Supertech Limited and its officials for alleged fraud worth Rs 126 crore with IDBI Bank. This case unveils serious charges of cheating, forgery, and a conspiracy that has raised questions about the integrity of financial dealings in the real estate sector.
Key Takeaways
- CBI has filed an FIR against Supertech for fraud.
- Involves a loss of Rs 126 crore to IDBI Bank.
- Allegations include cheating and forgery.
- Supreme Court has mandated a CBI investigation.
- The case highlights issues in the real estate industry.
New Delhi, June 14 (NationPress) In an ongoing investigation concerning alleged fraud by a construction company, the CBI has initiated a First Information Report (FIR) against Supertech Limited and its associated officials for cheating and forgery, leading to a financial loss of Rs 126 crore for IDBI Bank.
The Bank Securities and Fraud Branch of the agency opened the FIR following a complaint lodged by Hari Kumar Meena, Deputy General Manager, IDBI Bank, NPA Management Group, New Delhi.
In his assertion, Meena cited charges of criminal conspiracy, cheating, forgery, utilizing forged documents as if they were legitimate, criminal breach of trust, and criminal misconduct attributed to the accused directors of Supertech Limited, which operates in Sector 96, Noida.
The CBI's action stemmed from allegations of a conspiracy among the company’s directors and unidentified public servants, which resulted in IDBI Bank being defrauded of Rs 126.07 crore after the bank extended a loan of Rs 200 crore to the real estate company.
In addition to the company being one of ten accused, the CBI has also implicated various directors and officials of Supertech in this case.
The FIR identifies individuals including Ram Kishor Arora, Sangita Arora, Mohit Arora, Anil Kumar Sharma, Vikas Kansal, Pradeep Kumar Goel, Anil Kumar Jain, and Parul Arora.
The bank’s complaint to the CBI indicated that Supertech and its officials executed a fraud through misappropriation, fraudulent encashment via forged instruments, manipulation of financial records, and conversion of property, alongside cheating and forgery (forged balance sheets).
In 2014, under a consortium banking arrangement with Union Bank of India, a term loan of Rs 200 crore was sanctioned to the real estate firm.
Meena further explained in his complaint that the loan was scheduled to be repaid in 11 equal quarterly installments beginning in March 2017, but the company defaulted, leading to a principal amount owed of Rs 126.07 crore to IDBI Bank.
Recently, in April, the Supreme Court mandated a CBI probe into the connections between Supertech and eight banks over delays in project completions and undue pressure on individuals to continue paying EMIs.
The apex court criticized developers and banks for establishing an ‘unholy nexus’ aimed at deceiving homebuyers.
Point of View
This case underscores a growing concern regarding the accountability of real estate developers and financial institutions. The allegations against Supertech and its officials highlight the need for stringent oversight and transparency in the industry, ensuring that such fraudulent activities are addressed promptly to protect consumers and maintain trust.
NationPress
14/06/2025
Frequently Asked Questions
What are the allegations against Supertech Limited?
Supertech Limited is accused of cheating, forgery, and conspiracy leading to a loss of Rs 126 crore to IDBI Bank.
Who filed the complaint with the CBI?
The complaint was filed by Hari Kumar Meena, Deputy General Manager at IDBI Bank.
What was the loan amount sanctioned to Supertech?
A term loan of Rs 200 crore was sanctioned to Supertech under a consortium banking arrangement.
What action did the Supreme Court take regarding this case?
The Supreme Court ordered a CBI investigation into the alleged nexus between Supertech and several banks.
How has the real estate sector reacted to these allegations?
The allegations have sparked concerns about accountability and transparency in the real estate sector.
