LUCKNOW, Jan. 16 -- Police have begun tracing the money trail in the alleged Rs.58-crore fixed deposit (FD) fraud days after discrepancies surfaced during routine verification of the Uttar Pradesh Forest Corporation (UPFC) bank investments. Investigators are examining transaction details and banking documents to identify those responsible, police said on Thursday. Anindya Vikram Singh, ACP, Ghazipur (Indiranagar), said bank records and fund movements were being scrutinised to fix accountability. "Further action will be taken based on documentary evidence," he said. An FIR has been registered against unidentified employees of the Sadar branch of a nationalised bank in Lucknow for allegedly diverting Rs.58 crore of UPFC funds by issuing a fake FD receipt. The FIR was lodged late on Tuesday at the Ghazipur (Indiranagar) police station on the complaint of Arvind Kumar Singh, the UPFC managing director. According to the complaint, the corporation decided to reinvest Rs.64.82 crore in December 2025 after its earlier deposits matured. A transparent bidding process was followed, with bids invited on December 29 and opened the following day before a duly constituted committee. The Sadar branch of the nationalised bank was selected after offering the highest callable interest rate of 6.73%. On December 31, the entire amount was transferred to the bank's intermediary parking account for creation of the FD. As the transfer was allegedly made after banking hours, the bank later revised the interest rate to 6.70% from January 1, 2026, citing new annual rates. The corporation agreed to the change in view of revenue considerations. The FIR stated that a bank official subsequently handed over an FD receipt to the corporation's finance officer. However, when UPFC sought confirmation of its deposits from various banks on January 6, the bank in question failed to confirm the FD. In a letter dated January 7, the bank acknowledged only a savings account and an FD of Rs.6.82 crore, without explaining the status of the remaining Rs.58 crore. After repeated follow-ups failed to resolve the discrepancy, the corporation warned the bank of legal action and approached the police, leading to the registration of the FIR and a detailed investigation into the alleged diversion of funds....