NEW DELHI – The Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against Noida-based real estate firm Supertech Limited and its promoter, R.K. Arora, along with several company directors, for allegedly defrauding IDBI Bank of ₹126.07 crore. This action follows a complaint from IDBI Bank, which accused the entities of criminal conspiracy, cheating, forgery, and misuse of loan funds.
The FIR details allegations that Supertech and its directors submitted forged documents to secure credit facilities under false pretenses. The bank’s complaint, filed by Hari Kumar Meena, DGM, NPA Management Group, IDBI Bank, states that these fraudulent activities led to the misappropriation of sanctioned loan amounts. The loan account was subsequently classified as a “wilful default” and categorized as fraudulent, resulting in the significant financial loss to the public sector bank.
Those named in the FIR alongside R.K. Arora, who is the promoter and managing director, include whole-time directors Sangita Arora, Mohit Arora, Parul Arora, Vikas Kansal, Pradeep Kumar, Anil Kumar Sharma, and Anil Kumar Jain. The corporate entity, M/s Supertech Limited, with its corporate office in Sector 96, Noida, is also an accused.
On Saturday, the CBI initiated coordinated search operations across five locations linked to the accused. These searches covered both official and residential premises in Noida and Ghaziabad. During these raids, the agency reportedly seized cash amounting to ₹28.5 lakh from the premises of one of the directors, along with incriminating documents.
This investigation by the CBI comes in the wake of a broader directive from the Supreme Court. In April 2024, the apex court had instructed the CBI to conduct preliminary inquiries into a suspected “unholy nexus” between builders and banks, particularly concerning housing and subsidy schemes. The Supreme Court had specifically flagged irregularities involving Supertech and its housing projects in the National Capital Region (NCR) and other states, expressing serious concerns over delayed projects and the burden on homebuyers. The court had also asked the CBI to outline a roadmap for probing this builder-bank nexus.
The CBI’s probe is expected to delve into how the sanctioned funds were utilized and whether there was any collusion with bank officials, although no bank officials have been publicly named in the FIR as of now. This development adds to the mounting legal and financial challenges for Supertech, which has faced insolvency proceedings and demolition orders in previous cases related to building violations.
In response to the allegations, Supertech Chairman R.K. Arora has stated that the process to settle the matter with IDBI Bank is underway. He mentioned that a plan for delivering housing projects and modes of payment to IDBI Bank has already been submitted to the Supreme Court in an ongoing case, and that a one-time settlement with the bank is in process. Arora reportedly informed the CBI about the details they sought and indicated that the company is actively working on plans to deliver its projects.
