KOLKATA – The Central Bureau of Investigation (CBI), Economic Offences Branch (EOB) in Kolkata, has registered a Regular Case against a Guwahati-based firm, its directors, and several related entities for allegedly defrauding the Bank of Baroda (BoB) of over ₹9.49 crore.
The FIR, registered on January 8, 2026, follows a Preliminary Enquiry (PE) into a complaint lodged by Mr. Sanjay Pratap, Assistant General Manager and Regional Head of Bank of Baroda, Guwahati.
The Accused
The CBI has named the following individuals and entities in its investigation:
- M/s Dibesh Commercials Private Limited (DCPL): The borrower company.
- Rajesh Bajaj: Director and the alleged mastermind associated with multiple group entities.
- Barsha Bajaj: Director and wife of Rajesh Bajaj.
- Related Entities: M/s North East Plantations & Commercial Private Limited (NEPCPL) and M/s Utpalakshi Agro Products Private Limited (UAPPL).
- Unknown Public Servants: Bank officials suspected of processing the loan without due diligence.
The case has been registered under Sections 120B (Criminal Conspiracy), 420 (Cheating), and 409 (Criminal Breach of Trust) of the IPC, alongside Section 7 of the Prevention of Corruption Act, 1988.
Mechanism of the Fraud
In December 2021, M/s Dibesh Commercials Pvt Ltd was sanctioned an overdraft facility of ₹9.5 crore and a Bank Guarantee of ₹50 lakh to meet working capital requirements for PWD and National Health Mission (NHM) work contracts.
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1. Diversion to Sister Concerns and Personal Accounts
A forensic audit conducted by M/s SKVM & Co. revealed that large sums were diverted almost immediately after disbursement.
- NEPCPL Diversion: A total of ₹16.94 crore was transferred from the loan account to sister concern NEPCPL, with a net diversion of ₹4 crore.
- Personal Siphoning: Within days of the loan disbursement, over ₹19 lakh was transferred to the personal bank accounts of the directors and their relatives, including Rajesh Bajaj, Barsha Bajaj, Kishore Bajaj, and Ritu Bajaj .
- Net Personal Gain: Rajesh Bajaj allegedly received a net diversion of ₹1 crore in his personal account.
2. Misuse of NHM Business Proceeds
In April 2022, the borrower company received ₹3.53 crore from the National Health Mission for genuine business work. However, instead of using these proceeds to repay the bank loan, the directors allegedly diverted ₹2.99 crore to the related entity NEPCPL .
3. Inflated Collateral and Missing Infrastructure
The CBI enquiry revealed that the collateral offered—a plot of land in Golaghat, Assam—was grossly overvalued to justify the loan .
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- Value Erosion: Initially valued at ₹10.66 crore in 2021, a fresh valuation in 2024 assessed the land at just ₹3.72 crore, representing a 65% drop in value within three years .
- Physical Inaccessibility: A bank inspection in May 2024 found the land was vacant, undemarcated, and separated from the highway by a 12-foot wide drain with no bridge or access point .
Role of Public Servants
The CBI noted that bank officials allegedly sanctioned the credit facilities without verifying the genuineness of the work orders or conducting site inspections . They further accepted the defective and inflated collateral security in violation of established banking norms .
The loan account was officially declared as “Fraud” by the bank’s Zonal Office Committee after the borrowers failed to respond to multiple show-cause notices . CBI Inspector Rajesh Kumar has been authorized to lead the investigation
