Indore, Sep 10 (IANS): The Enforcement Directorate’s (ED) Indore sub-zonal office has conducted search operations at four premises linked to M/s Nimar Agro Park and its associated entities in Madhya Pradesh under the Prevention of Money Laundering Act (PMLA), 2002, officials said on Thursday.
The searches were carried out on Wednesday, at locations connected to M/s Nimar Agro Park, its partners, and related firms including M/s BS Cotton Private Limited, M/s Shree Rajrajeshwar Developers and M/s Shree Rajrajeshwar Ventures.
The action stems from an investigation into the alleged diversion and “misutilisation of a Rs 13.99 crore” term loan sanctioned by the National Bank for Agriculture and Rural Development (NABARD) to M/s Nimar Agro Park based in Sendhwa of Barwani district, the ED said in a press statement.
The ED probe was initiated on the basis of an FIR registered by the Central Bureau of Investigation’s (CBI) Economic Offences branch at Kolkata against the partners of M/s Nimar Agro Park.
The FIR alleged offences of criminal conspiracy, cheating, criminal breach of trust, forgery and corruption.
According to the ED, M/s Nimar Agro Park had availed the Rs 13.99 crore term loan from NABARD in 2019 under the “Food Processing Fund” Scheme.
The funds were meant for establishing an Agro Processing Cluster at Jamli village in Sendhwa.
The total project cost was estimated at Rs 31.04 crore, comprising a Rs 10 crore grant-in-aid from the Ministry of Food Processing Industries, Rs 7.05 crore as the promoters’ contribution, and the Rs 13.99 crore NABARD term loan.
Investigators found that the loan funds were allegedly diverted and “misutilised” instead of being used for the intended project purposes, the ED said.
As a result, the project remained incomplete.
The loan account was subsequently classified as a Non-Performing Asset (NPA) on September 29, 2024, causing a wrongful loss of Rs 13.99 crore to NABARD.
During the searches, ED teams seized various incriminating documents, digital devices and froze four bank lockers.
“The operations were aimed at tracing documentary evidence, financial records and assets acquired from or linked to the alleged proceeds of crime,” the central probe agency said.
Officials are also working to establish the complete money trail and determine the role of the persons and entities involved in the alleged conspiracy.
Further investigation into the matter is currently underway.
