CBI Books Supertech Promoter RK Arora In Rs 126 Crore IDBI Bank Fraud Case: Report

The CBI is now set to investigate loans totalling Rs 5,157.86 crore disbursed to various housing projects under the subvention scheme since 1998

To strengthen its investigation, the agency is establishing a Special Investigation Team comprising CBI officers and personnel from the police forces of Uttar Pradesh and Haryana

Source : JustDial

The Central Bureau of Investigation (CBI) has filed a First Information Report (FIR) against Noida-based real estate company Supertech Limited, its promoter R.K. Arora, and several others for allegedly cheating IDBI Bank to the tune of Rs 126.07 crore, officials confirmed on Saturday, according to a PTI report.

This follows a directive issued by the Supreme Court in April, asking the CBI to initiate preliminary enquiries into housing projects by Supertech and other developers. The top court’s decision stemmed from concerns over a suspected “unholy nexus” between real estate developers and financial institutions, especially in cases involving undelivered housing units across the Delhi-National Capital Region (NCR), as per the report.

Massive Loans Under Scanner

The CBI is now set to investigate loans totalling Rs 5,157.86 crore disbursed to various housing projects under the subvention scheme since 1998. The scope of the probe includes the roles of multiple government and local authorities such as the New Okhla Industrial Development Authority (NOIDA), Greater Noida Industrial Development Authority, and Yamuna Expressway Industrial Authority, it added.

Special Investigation Team To Be Formed

To strengthen its investigation, the agency is establishing a Special Investigation Team (SIT) comprising CBI officers and personnel from the police forces of Uttar Pradesh and Haryana. The Directors General of Police (DGPs) from both states have been asked to depute officers to assist in the inquiry, claims the report.

Multiple Agencies To Support Investigation

The apex court has mandated cooperation from various bodies for the investigation. These include the Ministry of Housing and Urban Affairs, Real Estate Regulatory Authorities (RERA) in Uttar Pradesh and Haryana, and the Reserve Bank of India (RBI). Each body has been instructed to designate nodal officers who will supply information required by the SIT.

In addition, the Institute of Chartered Accountants of India (ICAI) will deploy three chartered accountants to support the investigation into financial irregularities and the builder-bank relationship.