Uttar Pradesh has been hit by yet another major financial fraud involving a state-run institution. This time, the victim is the UP Forest Corporation (UPFC), from where ₹64.82 crore kept in fixed deposits (FDs) was fraudulently transferred to a fake bank account. Investigators say the modus operandi closely mirrors the AKTU ₹120-crore fraud uncovered about 18 months ago, prompting agencies to examine a possible connection between the two cases.
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Fraud executed on lines of AKTU scam
According to officials, the accused in the UPFC case adopted the same strategy used in the AKTU fraud — posing as an authorised finance official to manipulate bank procedures.
In this case, a man identified as Deepak Sanjeev Suvarna allegedly contacted the bank, claimed to be an authorised UPFC officer, and managed to open a fake account in the corporation’s name. The ₹64.82-crore FD amount was then transferred into this newly opened account and withdrawn.
CBI sources confirm that the accused used forged identity papers and fabricated documents, allowing him to pass through the bank’s system without raising immediate suspicion.
CBI intensifies probe; accused on the run
Given the scale of the financial loss, the Central Bureau of Investigation (CBI) has taken over the case. On Monday, CBI teams visited the concerned bank branch and collected key transaction records, account-opening documents, and CCTV footage.
Investigators have reportedly traced visual evidence of the suspects visiting the bank during the account creation process. However, both accused — Deepak Sanjeev Suvarna and his associate Anees alias Manish — remain absconding, with their mobile phones switched off.
Officials suspect that the identities used in the bank records may themselves be fake, suggesting the operation could be part of a larger organised racket.
Serious questions over bank’s role
The case has also put the spotlight on the bank’s internal controls and due-diligence mechanisms. Experts argue that transferring such a large sum into a new account without thorough verification indicates grave lapses at the banking level.
Preliminary findings show that the bank failed to adequately authenticate the accused’s credentials and supporting documents. There was also no confirmation sought from UPFC’s headquarters before the FD transfer was executed.
As a result, investigators are now examining whether the fraud occurred due to procedural negligence or possible collusion by bank officials.
Possibility of a wider fraud network
CBI officials believe that the UPFC fraud may not be an isolated incident. The similarity with the AKTU case suggests that a structured financial crime network may be targeting government bodies by exploiting banking loopholes.
The agency is now analysing whether the same group — or individuals linked to the AKTU scam — could be behind the UPFC fraud as well. If confirmed, it would point to a coordinated effort involving multiple shell accounts and fraudulent identities.
The UP Forest Corporation scam once again highlights the vulnerability of public institutions to financial and cyber fraud. With the investigation underway, authorities are now under pressure to strengthen verification protocols and ensure accountability within the banking system.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
