CBI Raids Noida, Ghaziabad in ₹126 Cr Bank Fraud; ₹28.5 Lakh Cash Seized

CBI Raids Noida, Ghaziabad in ₹126 Cr Bank Fraud; ₹28.5 Lakh Cash Seized

Last Updated Jun - 16 - 2025, 04:59 PM | Source : Fela News

CBI conducts raids in Noida and Ghaziabad in ₹126.07 crore IDBI Bank fraud case. ₹28.5 lakh in cash and incriminating documents recovered from premises of compa

The Central Bureau of Investigation (CBI) conducted multiple raids on Saturday across five locations in Noida and Ghaziabad in connection with a ₹126.07 crore bank fraud involving IDBI Bank. The searches targeted a private company and its directors, including residential and official premises in Gautam Buddh Nagar and Sahibabad, officials confirmed. During the operation, CBI teams recovered ₹28.5 lakh in cash along with incriminating documents from the premises of one of the company’s directors. Raids were ongoing at the time of the press release, with further seizures expected.

The case was initiated following a written complaint by IDBI Bank against the company and its promoters, alleging criminal conspiracy, misappropriation of funds, and cheating. According to the FIR, the accused submitted forged documents to secure loan funds and diverted them for unauthorized purposes. The loan account was later declared fraudulent and the borrower was labeled a wilful defaulter, resulting in a wrongful loss of ₹126.07 crore to the bank. The investigation has revealed serious lapses in documentation and compliance, pointing toward deliberate deception of banking procedures.

Named in the CBI’s FIR are the company's promoter and managing director Ram Kishor Arora, along with whole-time directors Sangita Arora, Mohit Arora, Parul Arora, Vikas Kansal, Pradeep Kumar, and Anil Kumar Jain, all residents of Gautam Buddh Nagar. Another director, Anil Kumar Sharma, residing in Rajendra Nagar, Sahibabad, has also been listed. Authorities are now examining seized materials to establish the money trail and identify possible complicity of any unknown bank officials. The case highlights growing concerns over corporate loan frauds and the misuse of public funds in the banking sector, prompting calls for stricter vetting of large-scale loan disbursements.

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