Forest Corporation’s Rs 58 crore FD vanishes from bank | Lucknow News
Lucknow: An FIR has been registered against unknown employees of the Sadar branch of a nationalised bank in Lucknow for allegedly diverting Rs 58 crore belonging to the Uttar Pradesh Forest Corporation by issuing a fake fixed deposit receipt. The FIR registered late Tuesday came to light on Wednesday.The complaint was lodged by Arvind Kumar Singh, the managing director of the Uttar Pradesh Forest Corporation, at Ghazipur (Indiranagar) police station.In his detailed written complaint, Singh stated that the Forest Corporation’s funds, earlier invested with Bank of Maharashtra, matured and the department decided to reinvest the amount through a transparent bidding process.Accordingly, on December 29, 2025, bids were invited via email from various banks for reinvestment of Rs 64,82,21,365. The tenders were opened on December 30 before a duly constituted committee. As per the comparative statement, the nationalised banks’ Sadar branch offered the highest callable interest rate of 6.73%, following which it was selected.On December 31, 2025, the entire amount was transferred to the bank’s intermediary parking account for creation of a fixed deposit. However, since the transfer was allegedly done after the banking hours, the bank revised the interest rate to 6.70% from Jan 1, 2026, citing new annual rates. Considering revenue implications, the Forest Corporation agreed to the revised rate.According to the FIR, a bank official provided the original receipt of the FD when the corporation finance officer asked for it on the phone the same day.On Jan 6, the FIR says, the bank wrote to all banks where it had FDs, seeking confirmation about the accounts. However the said bank didn’t confirm it. Instead it wrote a letter Jan 7, 2026 to the corporation informing about a savings account in the name of the Uttar Pradesh Forest Corporation and one FD account worth only Rs 6.82 crore, instead of the full Rs 64.82 crore. There was no mention about the remaining Rs 58 crore.The Forest Corporation subsequently warned the bank of legal action and moved the police.ACP, Ghazipur (Indiranagar), Anindya Vikram Singh, said a detailed investigation has been initiated to trace the movement of funds and identify those responsible for it. Further action will follow based on documentary evidence and bank records, he added.
