The Central Bureau of Investigation (CBI) has registered a criminal case against Noida-based real estate firm Supertech Limited and its promoter RK Arora, along with several company directors, for allegedly defrauding IDBI Bank to the tune of ₹126.07 crore. The FIR also names whole-time directors Sangeeta Arora, Mohit Arora, Parul Arora, Vikas Kansal, Pradeep Kumar, Anil Kumar Sharma, and Anil Kumar Jain.
Acting on a complaint by IDBI Bank, CBI officials carried out searches at five locations, including the residential and official premises linked to the accused in Noida and Ghaziabad. During the operation, the agency reportedly seized ₹28.5 lakh in cash, according to a spokesperson’s official statement issued on Saturday.
Accused Allegedly Diverted Loan, Causing Loss to Bank
The case stems from IDBI Bank’s allegations that Supertech and its directors conspired to misutilize the sanctioned loan for purposes other than those declared. The loan account was later declared a willful default and subsequently classified as fraud, leading to an estimated loss of ₹126.07 crore to the public sector bank.
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CBI officials stated that the accused not only failed to repay the loan but also embezzled funds, violating the terms of loan disbursement and misrepresenting facts. The probe will determine how the funds were used and whether there were collusive actions with bank officials, though no such names have been publicly identified so far.
Supertech has not issued any statement on the matter as of now.
Supreme Court’s Earlier Directions Triggered Probe
This case follows a larger Supreme Court directive issued in April 2024, where the apex court had instructed the CBI to register seven preliminary inquiries into the suspected nexus between builders and banks, especially under housing and subsidy schemes. The court had specifically flagged irregularities involving Supertech and its housing projects across NCR and other states.
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As part of its broader investigation, the CBI is expected to examine not just the company’s books and operations but also the role of lending banks, which could include scrutiny of internal due diligence and possible lapses in monitoring loan disbursal and utilisation.
This development marks another chapter in the growing legal troubles for Supertech, which has faced multiple regulatory and financial challenges in recent years, including insolvency proceedings and demolition orders from the judiciary for building violations.