The Central Bureau of Investigation (CBI) has lodged a First Information Report (FIR) against real estate giant Supertech Limited and several of its directors in a high-value financial scandal involving a ₹200 crore loan from IDBI Bank. A complaint lodged by IDBI’s Deputy General Manager triggered the probe earlier this month.
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Alleged Loan Default, Forgery, and Fund Misappropriation
According to the FIR, IDBI Bank operating under a consortium including Union Bank of India—extended a ₹200 crore term loan to Supertech in 2014. Borrowed funds were to be repaid over 11 quarterly instalments beginning March 2017. However, Supertech defaulted, and the loan balance now totals ₹126.07 crore.
The FIR names ten accused, including Supertech Limited, key directors Ram Kishor Arora, Sangita Arora, Mohit Arora, and others. Charges encompass misappropriation of funds, forgery, manipulation of financial records, and cheating by falsifying documents to mislead the bank. The complaint alleges misuse of the loan for purposes other than those originally sanctioned.
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Investigating Public Servant Links
Beyond tracing the flow of loaned money, the CBI is probing whether any public servants colluded by misusing their authority to facilitate the fraud. The inclusion of unnamed public officials in the FIR indicates this is a complex financial conspiracy.
This action follows a directive from the Supreme Court in April, ordering central agencies to investigate allegations that Supertech misused loan proceeds and neglected homebuyers amid delayed housing projects.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change.