NEW DELHI – The Central Bureau of Investigation (CBI), Special Task Branch (STB), has registered a Regular Case against a Delhi-based retail firm and its directors for allegedly defrauding IDBI Bank Limited of over ₹7.32 crore.
The FIR, numbered RC0592026A0003, was filed on January 9, 2026, following a written complaint by Mrs. Madhavi S. Parab, General Manager of IDBI Bank’s NPA Management Group.
The Accused
The investigation names the following as primary suspects :
- M/s Savemax Wholesale Club Private Limited (formerly known as M/s Golden India Expotrade Pvt Ltd), a company now under liquidation.
- Shri Vaibhav Singhal, Promoter and Director.
- Smt. Seema Gupta, Promoter and Director.
- Unknown Public Servants and Private Persons suspected of involvement in the conspiracy.
The accused face charges under Sections 120-B (Criminal Conspiracy) and 420 (Cheating) of the IPC, alongside Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act, 1988.
Mechanism of the Fraud
According to the FIR, the fraud occurred between 2016 and 2018 . The company, which operated retail stores across five locations including Kundli, Indirapuram, and Karnal, was sanctioned a working capital limit of ₹7.50 crore in 2016 for its food grains and FMCG business.
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The bank’s complaint alleges a systematic attempt to siphon off funds:
- Inventory Write-offs: During the 2017-18 financial year, the company wrote off inventory worth ₹30.31 crore without providing any justification or informing the bank.
- Fund Diversion: The directors allegedly routed bank funds through an unauthorized account maintained with UCO Bank. This included transferring ₹2.50 crore to personal accounts and remitting ₹7.81 crore to another private firm, Parker Builders Pvt. Ltd., shortly after the bank recalled its facilities.
- Fictitious Debtors: The company allegedly availed a higher “Drawing Power” from the bank by showing false debtors. Subsequent verifications found that several debtors either did not exist or claimed the confirmation letters were forged .
- Asset Liquidation: It is suspected that current assets were converted into cash and misappropriated by the directors.
Loss and Bank Action
The fraudulent activities caused a direct wrongful loss of ₹7.32 crore to IDBI Bank, excluding interest and other charges. The total outstanding exposure as of July 2025 stands at approximately ₹30.23 crore.
The borrower’s account was classified as a Non-Performing Asset (NPA) on March 31, 2018, and was formally declared as “Fraud” by the bank on March 5, 2025. Forensic audits conducted by M/s Kansal Singla & Associates further corroborated the indicative incidences of financial mismanagement .
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Current Investigation Status
The CBI has entrusted the investigation to Deepak Phalswal, Inspector of Police, CBI, STB, Delhi. The agency is currently looking into the role of common conspirators and whether any bank officials facilitated the fraudulent transactions.
