Lucknow. In a significant financial fraud case, the Central Bureau of Investigation (CBI) has arrested two individuals in connection with an alleged ₹6.95 crore scam involving the Uttar Pradesh Forest Corporation (UPFC). The accused are alleged to have siphoned off fixed deposit (FD) funds through forged documents and fake bank accounts, raising serious concerns over banking security mechanisms and the monitoring of government funds.
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Fake UPFC account allegedly used to move FD funds
According to investigators, the accused opened a fraudulent bank account in the name of UPFC at the Bank of India’s Sadar branch in Lucknow using forged identity documents, fabricated authorization letters, and fake official approvals. On the basis of these forged records, they allegedly managed to facilitate the transfer of approximately ₹64.82 crore from fixed deposits. Out of this, ₹6.95 crore was further routed into the accounts of six different shell entities.
The CBI initiated its investigation after registering an FIR on January 15, following a complaint from Bank of India officials. Preliminary findings suggest that the fraud was executed through a well-planned conspiracy involving a network of fake companies and multiple bank accounts designed to obscure the money trail. During coordinated raids conducted across Uttar Pradesh, Delhi, West Bengal, and Karnataka, investigators recovered several key documents and digital records linked to the case.
Two accused sent to CBI custody until May 16
The arrested accused have been identified as Deepak Sanjeev Suvarna and Deepak Yadav. Both were produced before a court and have been sent to CBI custody remand until May 16. Officials said the custodial interrogation will focus on identifying other individuals involved in the wider conspiracy and tracing the complete financial network behind the fraud.
CBI officials revealed that preliminary investigation has also indicated the possible involvement of a government employee in the scam. However, authorities clarified that further evidence is being collected to confirm his role. If proven, the case could widen significantly, as it would point towards internal collusion within the system.
Shell companies and banking trail under scrutiny
Investigators also found that the six companies where the funds were transferred may have direct or indirect links with the accused. The CBI is now examining their financial records, ownership structures, and transaction histories to determine whether these entities were used as part of a layered money laundering mechanism. Officials suspect that the diverted funds may have been further circulated through multiple accounts to conceal their origin.
The CBI is also analyzing mobile data, banking transactions, and digital communication records of the accused to reconstruct the flow of funds. Additionally, investigators are examining procedural lapses at the banking level to determine how the fraudulent account was opened and how large-scale fund transfers were approved without detection.
A senior CBI officer stated that the case is not limited to financial cheating alone but appears to involve a structured criminal network. The agency’s objective is to trace the entire chain of transactions and identify the ultimate beneficiaries of the diverted funds. The investigation remains ongoing, with multiple agencies assisting in tracking financial trails across states.
