CBI Cracks Down on Delhi Firm for Alleged ₹46 Crore Bank Fraud

New Delhi: The Central Bureau of Investigation (CBI) has lodged an FIR against Horizon Solution, a Delhi-based company, for allegedly defrauding Union Bank of India of more than ₹46 crore through a loan scam. The CBI has charged the company, its proprietor Zeba Urfi, and guarantor Zaib Un Nisa with criminal conspiracy, cheating, forgery, and violations under the Prevention of Corruption Act.

Horizon Solution, which specializes in the sale and installation of IT hardware systems, had provided plots in Dasna, Ghaziabad as collateral while obtaining credit facilities. However, when the account turned into a non-performing asset (NPA) in 2013, the bank discovered that the properties had already been sold without its knowledge or consent. The bank described this act as a fraudulent attempt to cause wrongful gain to the accused and misappropriate funds.

Union Bank of India filed a complaint stating that the borrowers, guarantors, and their associates had conspired from the beginning to obtain credit facilities and deceive the bank.

Consequently, the bank declared the account as a “fraud” in 2020. The CB I’s investigation aims to bring the responsible individuals to justice for their alleged involvement in this financial misconduct.