Archive · 10 Aug 2026
CBI Books Nagpur Bio-Fertiliser Firm, Directors for ₹7.76 Crore Fraud
The CBI, a police agency in India, is investigating a company that makes plant food and bug spray.
The company borrowed money from a bank called the Bank of India.
The bank says the company did not pay the money back.
The people running the company are suspected of using the loan money for themselves.
They are also accused of keeping false records, like pretending they had more products in their warehouse than they really did.
When an expert checked, the actual products were far fewer than what the records showed.
The loan was marked as bad in March 2023, which banks call a non-performing asset.
Now the CBI has opened a formal case to find out what happened.
If the accusations are proven, the company's directors could face serious trouble.
CBI's Mumbai Special Task Branch registered a case against a Nagpur-based bio-fertiliser and pesticide company and its directors.
The firm allegedly diverted and siphoned funds from credit facilities, causing a wrongful loss of ₹7.76 crore to Bank of India.
The alleged fraud spanned 2019 to 2024, and the account was classified as a non-performing asset (NPA) in March 2023.
Allegations include overvaluation of stock, inflated transactions, purchases without quantity details, and fund diversion to related parties.
A forensic audit found actual inventory far below records, and charges were filed under the Indian Penal Code and Prevention of Corruption Act.
- Who
- The CBI and Bank of India; the accused are a Nagpur-based bio-fertiliser and pesticide company and its directors.
- What
- Registration of a case alleging diversion and siphoning of credit funds, causing a ₹7.76 crore wrongful loss to Bank of India.
- When
- The alleged fraud occurred between 2019 and 2024; the account was declared an NPA in March 2023.
- Where
- The case was registered by the CBI Special Task Branch in Mumbai; the borrower company is situated in Nagpur.
- Why
- The company is accused of criminal conspiracy, diverting funds, and submitting inflated or incorrect records to the bank.
- Investigating Agency
- Central Bureau of Investigation, Special Task Branch, Mumbai
- Accused
- Nagpur-based bio-fertiliser and pesticide company and its directors
- Complainant
- Bank of India (complaint by J.P. Singh, deputy zonal manager, recovery)
- Alleged Loss
- ₹7.76 crore wrongful loss to the bank
- Fraud Period
- 2019-2024
- NPA Classification
- March 2023
- Charges
- Criminal conspiracy, misappropriation of funds, cheating, criminal misconduct under IPC and Prevention of Corruption Act
- Company Location
- Nagpur