KOLKATA – The Central Bureau of Investigation (CBI), Economic Offences Branch (EOB) in Kolkata, has registered a Regular Case against the partners of a Madhya Pradesh-based firm, M/s Nimar Agro Park, for allegedly defrauding the National Bank for Agriculture and Rural Development (NABARD) of approximately ₹12.99 crore.
The FIR, registered on January 8, 2026, follows a Preliminary Enquiry (PE) into a complaint lodged by Mr. Nandu J. Naik, Deputy General Manager of NABARD’s Bhopal Regional Office .
The Accused
The CBI has named the following individuals and entities in the FIR:
- M/s Nimar Agro Park: A partnership firm based in Sendhwa, Barwani District, Madhya Pradesh .
- Arpit Kumar Tayal, Nikunj Kumar Tayal, Ankit Kumar Tayal, and Ashok Kumar Tayal: Partners and guarantors of the firm .
- Unknown Public Servants and Private Individuals: Suspected of connivance in the fraud.
The accused face charges under Sections 120B (Criminal Conspiracy), 420 (Cheating), 409 (Criminal Breach of Trust), 467, and 468 (Forgery) of the IPC, along with Section 7 of the Prevention of Corruption Act, 1988.
Mechanism of the Fraud
In 2019, M/s Nimar Agro Park was sanctioned a term loan of ₹13,99,33,000 under NABARD’s Food Processing Fund (FPF) scheme. The funds were intended to establish an Agro Processing Cluster (APC) in Village Jamli, Sendhwa, with a total project cost of over ₹31 crore.
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1. Round-Tripping and Falsified Contributions
The CBI’s enquiry revealed that the partners allegedly engaged in round-tripping to deceive the bank. To obtain the final loan disbursement of approximately ₹3.49 crore, the partners needed to show their own financial contribution (margin money).
The investigation found that funds were transferred from the loan account to a sister concern, M/s Shree Rajrajeshwar Developers, then to another entity, M/s Shree Rajrajeshwar Ventures, and finally into the personal accounts of the partners . The partners then moved this same money back into the loan account to falsely represent it as their own equity .
2. Diversion of Funds to Family Members
Out of the final loan installment, at least ₹25,00,000 was allegedly diverted directly to the bank accounts of various family members for personal gain, rather than being used for the project .
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3. Missing Machinery and Infrastructure
Physical verification conducted in December 2023 revealed a massive gap between reported and actual progress. Key components of the project, including the Sorting Grading Washing Line and Grain Sortex machinery—for which nearly ₹8.42 crore had been sanctioned—were not found at the project site.
Forensic Audit Findings
A forensic audit by M/s Rama K. Gupta & Associates pointed to systemic deliberate failures:
- Statutory Non-compliance: The borrower failed to provide TDS, GST, ESI, and EPF returns to the auditors.
- Unauthorized Loans: Partners took additional loans of ₹5 crore each from Punjab National Bank (PNB) for other units without NABARD’s mandatory prior approval .
- Financial Red Flags: Legal and professional fees surged by 588% in FY 2022-23 without justification.
Account Status
The project remained incomplete, and commercial operations never commenced. The loan account was classified as a Non-Performing Asset (NPA) on September 29, 2024, and was formally declared as Fraud by NABARD on April 25, 2025.
