The CBI has filed an FIR against Noida-based real estate company Supertech Limited and its promoter RK Arora, along with several other directors, for allegedly defrauding IDBI Bank of Rs 126.07 crore, officials confirmed on Saturday.

Those named in the FIR include whole-time directors Sangita Arora, Mohit Arora, Parul Arora, Vikas Kansal, Pradeep Kumar, Anil Kumar Sharma and Anil Kumar Jain, besides the company itself. The action comes after a complaint from IDBI Bank alleging the submission of forged documents and fraudulent diversion of sanctioned loan funds by the accused.

CBI raids 5 locations, recover Rs 28.5 lakh cash

Earlier today (June 14), the CBI conducted coordinated searches at five locations tied to the accused across Noida and Ghaziabad. Cash amounting to Rs 28.5 lakh was recovered during the raids, according to a statement from the agency.

The loan account in question was declared a wilful default and categorised as fraudulent by the bank, resulting in wrongful losses to the tune of Rs 126.07 crore. Supertech Limited has yet to issue a statement in response to the development.

‘Unholy’ nexus between builders and banks

This action follows the Supreme Court’s April directive to the CBI to register a preliminary inquiry into Supertech’s projects in the NCR, citing concerns over an “unholy” nexus between builders and financial institutions.

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A bench of Justices Surya Kant and N Kotiswar Singh had directed the CBI to form a SIT with support from state police departments of Uttar Pradesh and Haryana. Key regulatory authorities, including the Ministry of Housing and Urban Affairs, RBI, ICAI and the Greater Noida and Noida Authorities, were also instructed to appoint nodal officers to aid the investigation.

The top court expressed concern over homebuyer distress caused by the subvention scheme, where banks disbursed large portions of loans to builders upfront despite incomplete projects. The court had earlier asked the CBI to chart a roadmap to investigate the alleged builder-bank nexus and bring accountability to the housing sector.