The Central Bureau of Investigation (CBI) has uncovered a sophisticated bank fraud racket targeting banks in Uttar Pradesh, allegedly orchestrated by an organised interstate gang with links to South India. The development follows the arrest of two individuals accused of impersonating officials of the Uttar Pradesh Forest Corporation (UPFC) and opening a fraudulent bank account using forged documents.
Arrests and Custody
The accused, identified as Deepak Sanjeev Suvarna from Udupi and Deepak Yadava from Mysore, were produced before a special judge (anti-corruption) in Lucknow and remanded to police custody until May 16. The arrests were made in connection with a staggering Rs 64.82 crore fraud at the Bank of India’s Sadar branch in Lucknow.
Modus Operandi
According to the FIR registered by the CBI’s anti-corruption branch on January 15, 2026, the accused allegedly used forged Know Your Customer (KYC) documents, fake board resolutions, and fabricated authorisation letters to open a fraudulent account in the name of UPFC at the bank’s Sadar branch in December 2025. Investigators revealed that the accused convinced bank officials that UPFC was planning a bulk fixed deposit investment and that Suvarna had been authorised to operate the account. Using the forged papers, they allegedly induced the bank to transfer Rs 64.82 crore into the fake account for creating fixed deposit receipts (FDRs) purportedly in UPFC’s name.
Siphoning of Funds
The CBI stated that between January 2 and January 5, 2026, the accused allegedly siphoned off Rs 6.95 crore via RTGS transfers into six beneficiary firms based in Kolkata and New Delhi. The fraud came to light after UPFC officials contacted the bank on January 5, 2026, clarifying that no such account had been authorised and that no employee named Suvarna was associated with the corporation.
Broader Investigation
Sources indicate that the agency is probing links to organised cyber and financial fraud networks operating across multiple states. More members of the network — including facilitators, document forgers, and possible insiders — are under the scanner. Investigators suspect the fraud was carefully planned, and the CBI is also examining the possible role of unknown public servants and bank insiders.
