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CBI arrests two over fake UP Forest Corporation FDs worth ₹64.82 crore
The CBI arrested two private individuals in a case alleging creation of fraudulent fixed deposits worth ₹64.82 crore through a fake UP Forest Corporation account at Bank of India Lucknow. The case was registered on January 15, 2026, and the accused were produced in court on May 14, 2026, with police custody extended to May 16. Investigations indicate funds were moved via FDRs and RTGS to several entities, with ongoing probes into possible involvement of bank officials and other suspects.
Why It Matters
This case highlights alleged bank fraud involving fake corporate accounts and the misappropriation of large sums, prompting ongoing investigations into systemic vulnerabilities and potential collusion.
Timeline
6 Events
Ongoing investigation into other suspects
May 14, 2026
Officials said further investigation is underway to ascertain the role of other suspects, including possible involvement of bank officials and beneficiaries linked to the diverted funds.
CBI searches and arrest confirmation
May 14, 2026
CBI said its teams carried out searches across multiple states to trace absconding accused; after sustained surveillance and coordinated field operations, the accused were located and arrested.
Fraud detected after UPFC flagged non-authorisation
May 14, 2026
The fraud came to light after UPFC officials informed Bank of India that no such authorisation had been issued and that the accused had no links with the corporation.
Details of funds involved in alleged fraud
May 14, 2026
Investigators say ₹64.82 crore was induced into the fake UPFC account for creation of fixed deposit receipts, allegedly on behalf of UPFC, and ₹6.95 crore was diverted via RTGS to six beneficiary firms based in Kolkata and New Delhi.
CBI arrests two private persons; produced before court and remanded
May 14, 2026
The two accused, Deepak Sanjeev Suvarna and Deepak Yadava, were arrested by the CBI and produced before the Special Judge, anti-corruption (West), Lucknow, who remanded them to police custody till May 16.
Case registered by CBI following Bank of India complaint
January 15, 2026
The CBI registered the case on January 15, 2026 after a written complaint by Bank of India. The agency alleged that the accused, in conspiracy with unknown public servants and others, opened a fake Bank of India account in the name of the UP Forest Corporation (UPFC) at the Sadar branch in Lucknow using forged KYC documents, fabricated authorisation letters and fake board resolutions, enabling ₹64.82 crore to be used for creation of fixed deposit receipts allegedly on behalf of UPFC.