CBI Registers FIR Against Ahmedabad-Based Firm and Directors for ₹121.60 Crore Bank Fraud

Mumbai, September 12, 2025 : The Central Bureau of Investigation (CBI), Banking, Securities and Fraud Branch (BS&FB), Mumbai, has initiated a probe against an Ahmedabad-based private company and its directors for allegedly defrauding Bank of India to the tune of ₹121.60 crore.

According to CBI sources, the agency registered a First Information Report (FIR) following a complaint filed on June 19, 2025, by Mahesh Batra, Deputy General Manager (Recovery) of Bank of India. The FIR accuses the company and its directors, along with unknown public servants and other unnamed individuals, of criminal conspiracy, cheating, and criminal misconduct.

The complaint states that the company, which specializes in manufacturing gluconate through fermentation, as well as flavours, food colours, and fragrances for the pharmaceutical, confectionery, and bakery industries, had been maintaining a sole banking arrangement with Bank of India since 2002. The bank had originally sanctioned credit facilities on May 7, 2002, and the limits were last reviewed by the Credit Approval Committee on November 13, 2015, at ₹142.73 crore.

However, the account was classified as a Non-Performing Asset (NPA) on September 30, 2014, with an outstanding amount of ₹121.60 crore.

Following this, a forensic audit was conducted at the behest of the bank, which revealed prima facie evidence of fraud. The bank provided the company an opportunity to respond to the audit findings, and after reviewing their submissions, the account was officially declared fraudulent.

The CBI has taken cognizance of the matter and further investigations are underway to ascertain the role of the accused directors, public servants, and other entities involved.