CBI Arrests Guwahati Businessman Rajesh Bajaj In Multi-Crore Bank Of Baroda Loan Default Case

Guwahati: The Central Bureau of Investigation (CBI) has arrested Guwahati-based businessman Rajesh Bajaj in connection with an alleged multi-crore loan default case involving Bank of Baroda.

Bajaj was produced before the CBI Court in Guwahati on Friday, which remanded him to three days of CBI custody for further investigation.

According to sources, a CBI team from Kolkata took Bajaj into custody after prolonged questioning in connection with a case registered by Bank of Baroda in 2025. The bank has accused him of defaulting on loans obtained in the name of his company, North East Plantation and Commercial Private Limited.

The First Information Report (FIR) was lodged at the CBI’s Kolkata office, following which the agency launched searches at multiple locations in Assam. On Tuesday, simultaneous raids were conducted at Bajaj’s residence and at the office premises of his company on Zoo Road in Guwahati. Sources said Bajaj’s brother, Kishore Bajaj, was present during the search operation at the company office.

Investigators reportedly seized a large number of documents linked to the financial transactions under scrutiny. A large red bag, suspected to contain cash, was also taken into possession during the searches, although the agency has not officially disclosed its contents.

The case relates to allegations that Bajaj availed loans worth several crores of rupees from Bank of Baroda and subsequently failed to repay them. The allegations come amid ongoing investigations into his alleged involvement in the multi-crore Assam Apex Cooperative Bank scam.

Bajaj has also previously been named in connection with the Saradha chit fund scam.

In a separate case, Bajaj is accused of fraudulently obtaining ₹20.30 crore from the Dispur branch of Assam Apex Cooperative Bank Ltd while serving as Managing Director of North East Plantation and Commercial Pvt Ltd, which owns the Usha Tea Estate in Golaghat district.

According to the allegations, the funds were secured through the “demand bill purchase” mechanism, allegedly with the involvement of the then chairman of the bank, Biswajit Phukan, who is currently a BJP MLA from Sarupathar constituency in Golaghat district.

Investigating agencies have alleged that between April 5 and June 20, Bajaj’s company withdrew funds in several instalments amounting to ₹20.30 crore. The withdrawals allegedly included ₹6 crore on April 5, ₹3 crore on April 18, ₹2 crore on April 28, ₹4 crore on May 2, ₹95 lakh on June 2, ₹80 lakh on June 9 and ₹3.55 crore on June 20.