In a breakthrough in an alleged multi-crore bank fraud, the Central Bureau of Investigation (CBI) has arrested two private persons accused of creating fraudulent fixed deposits worth ₹64.82 crore by operating under the guise of the Uttar Pradesh Forest Corporation (UPFC), officials said on Thursday.
The accused, identified as Deepak Sanjeev Suvarna and Deepak Yadava, were produced before the court of the Special Judge, anti-corruption (West), Lucknow, which remanded them to police custody till May 16.
According to the CBI, the case was registered on January 15, 2026, following a written complaint by Bank of India. The agency alleged that the accused, in conspiracy with unknown public servants and others, fraudulently opened a fake bank account in the name of UPFC at the Sadar branch of Bank of India in Lucknow using forged Know Your Customer (KYC) documents, fabricated authorisation letters and fake board resolutions.
Investigators said the accused allegedly induced the bank to transfer ₹64.82 crore into the fake account for creation of fixed deposit receipts (FDRs) purportedly on behalf of UPFC.
During the alleged fraud, ₹6.95 crore was later diverted through RTGS transactions to six beneficiary firms based in Kolkata and New Delhi, the agency said.
{{/usCountry}}During the alleged fraud, ₹6.95 crore was later diverted through RTGS transactions to six beneficiary firms based in Kolkata and New Delhi, the agency said.
{{/usCountry}}The fraud came to light after UPFC officials informed the bank that no such authorisation had been issued and that the accused had no links with the corporation.
In a statement, the CBI said its teams carried out searches across multiple states to trace the absconding accused. “After sustained surveillance, coordinated searches and extensive field operations, the accused persons were successfully located and arrested,” the agency said.
Officials said further investigation is underway to ascertain the role of other suspects, including the possible involvement of bank officials and beneficiaries linked to the diverted funds.