LUCKNOW: In early January, a series of routine bank transactions in Lucknow quietly set in motion one of the most consequential financial fraud investigations in recent months. Within days, more than ₹64 crore meant for a state-owned corporation had been diverted through forged documents, fake identities and a bank account that should never have existed.
A Transfer That Raised No Immediate Alarm
On January 1, ₹64.82 crore was credited to an account at the Bank of India’s Sadar branch in Lucknow, ostensibly belonging to the Uttar Pradesh Forest Corporation (UPFC). The transfer appeared legitimate: the money was deposited from the corporation’s official account, and an email followed, requesting that a fixed deposit be created in the name of the bank’s managing director.
The next day, officials at the bank received documents authorising the creation of a ₹6.82 crore fixed deposit. The remaining ₹58 crore was transferred out to another account. According to investigators, that second account was fictitious—opened using forged paperwork and false credentials, but bearing the name of the state-run forest body.
At the time, nothing in the transaction sequence immediately triggered an institutional alarm. It would take nearly two weeks for the scale of the diversion to become clear.
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The Complaint That Opened the Case
The matter surfaced after the UPFC itself detected irregularities in its accounts. On January 13, the corporation’s managing director, Arvind Kumar Singh, filed a complaint at the Lucknow Police Commissionerate, alleging criminal breach of trust and misappropriation of funds.
Following the police complaint, the Bank of India initiated an internal inquiry and referred the matter to the Central Bureau of Investigation (CBI). The bank branch manager also submitted a separate complaint, detailing how forged letters and emails had been used to convince officials that the transactions were authorised.
The case was formally registered by the CBI, which soon took over the investigation, citing the involvement of forged documents, impersonation of public officials and the large public funds at stake.
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Forged Identities and a Paper Trail
According to preliminary findings shared by CBI sources, two men—identified as Anis, also known as Manish, and Deepak Sanjeev Suvarna—allegedly posed as officials of the Uttar Pradesh Forest Corporation. Investigators say the accused prepared counterfeit know-your-customer documents, PAN cards, GST registrations and fabricated board resolutions to open a savings account in the corporation’s name.
The foundation of the alleged conspiracy was laid weeks earlier. On December 18, 2025, Deepak Suvarna reportedly approached bank officials, claiming that the UPFC was beginning an auction of fixed deposits and that he was authorised to open accounts on the corporation’s behalf. The claim, investigators say, was backed by forged letters and convincing digital correspondence.
During subsequent searches, the CBI recovered documents, digital records and transaction logs that, according to officials familiar with the inquiry, point to careful planning rather than an isolated act of fraud.
Raids Across Cities and an Expanding Probe
With the registration of the case, multiple CBI teams carried out coordinated searches in Delhi, Ghaziabad and Kanpur, targeting premises linked to the accused. Officials said the raids yielded evidence suggesting that more individuals may have been involved in facilitating the impersonation, document fabrication and movement of funds.
Investigators are now examining whether lapses in banking procedures contributed to the success of the scheme and whether the operation extended beyond the two named suspects. The agency has indicated that the case is being treated as a larger, organised fraud rather than a single-instance deception.
