Mumbai, Jan 06: The Central Bureau of Investigation (CBI) has initiated a probe against a private company and its directors and guarantors from Nandurbar, Maharashtra, and Madhya Pradesh (MP) for allegedly causing a wrongful loss of ₹11.33 crore to the National Bank for Agriculture and Rural Development (NABARD).
Complaint filed by NABARD official
According to the CBI, a complaint was received from Ashok Kumar, Deputy General Manager, NABARD Gujarat Regional Office, Ahmedabad, against the borrower firm situated in Sendhwa, MP, and its directors, promoters and guarantors, along with unknown public servants and others, regarding alleged fraud and cheating in respect of credit facilities availed from NABARD.
Loans sanctioned for processing units
“It has been alleged that the borrower company, represented by its directors, approached the complainant bank (NABARD) and availed credit facilities amounting to ₹11.97 crore for establishing multi-product processing units for cashews, cashew bars, ready-to-eat meals, frozen fruit pulp and vegetable processing,” said a CBI official.
Term loans disbursed in phases
“Initially, a term loan of ₹7 crore was sanctioned by NABARD to the borrower company in August 2020 and was disbursed in three tranches in 2021 and 2022. Subsequently, at the request of the borrower company, an additional term loan of ₹4.97 crore was sanctioned in February 2023, with the condition that the project would commence commercial operations by April 2023, which was later extended to September 2023. The additional term loan amount of ₹4.975 crore was disbursed to the borrower company in one go in April 2023,” the official said.
Funds allegedly diverted and misused
“It has been further alleged that during the period 2020 to 2024, the accused borrower company and accused persons, in criminal conspiracy with each other, dishonestly and fraudulently induced NABARD to sanction and disburse term loans amounting to ₹11.97 crore under the false pretext of establishing a multi-product processing unit,” the official said.
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Loss caused to NABARD
“They allegedly committed fraud by not utilising the bank funds for the stated purpose, diverting the funds to related entities and misappropriating the money for personal gain. These acts prima facie establish malafide intention to commit fraud, cheating, criminal breach of trust, and siphoning and diversion of bank funds for purposes other than those represented, causing a wrongful loss of ₹11.33 crore to NABARD with corresponding wrongful gain to themselves,” the official added.
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