The CBI has registered an FIR against Noida-based construction firm Supertech Limited and its promoter R K Arora among others for allegedly defrauding IDBI Bank of Rs 126.07 crore, officials said Saturday.
Arora has been named in the FIR alongside whole-time directors Sangita Arora, Mohit Arora, Parul Arora, Vikas Kansal, Pradeep Kumar, Anil Kumar Sharma, and Anil Kumar Jain, in addition to the Noida-based company, they said.
On Saturday, the CBI conducted coordinated search operations at five locations linked to the accused, including official and residential premises in Noida and Ghaziabad, in connection with the case.
During the raids, agency officials seized cash amounting to Rs 28.5 lakh, CBI's spokesperson said in a statement.
The case was initiated following a complaint from IDBI Bank, which alleged that the accused had conspired to misappropriate sanctioned loan funds through fraudulent means.
According to the FIR, the bank alleged that the company and its directors submitted forged documents to secure credit facilities under false pretences.
The loan account was subsequently declared a wilful default and categorised as fraudulent, allegedly resulting in wrongful losses totalling Rs 126.07 crore to IDBI Bank Ltd., the CBI said.
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