Mumbai Firm Booked For Using Fake ₹6.43 Crore Bank Guarantee To Secure US Sugar Quota
Mumbai: The Pantnagar police have registered an FIR against the proprietor of a Ghatkopar-based company for allegedly submitting a forged bank guarantee worth Rs6.43 crore to the Agricultural and Processed Food Products Export Development Authority (APEDA) to secure a sugar export quota for the United States. The accused, Rajesh Tulsidas Nakhua, proprietor of Ghatkopar-based Make India Impex,…
Mumbai police have registered a criminal complaint against the owner of a company based in Ghatkopar for allegedly using a forged bank guarantee worth Rs6.43 crore to secure a US sugar export quota. The accused, Rajesh Tulsidas Nakhua, owned a firm called Make India Impex. Despite allegedly securing the allocation to export 8,584 metric tonnes of sugar to the US, Nakhua did not follow through with the export.
The Agricultural and Processed Food Products Export Development Authority (APEDA) informed the Pantnagar police about the incident. According to the FIR, companies need to obtain certain registrations and licences to export goods. The US had allocated India a sugar import quota of 8,606 metric tonnes, and Make India Impex bid for it at a price of $1,780 per metric tonne.
The company submitted a bank guarantee of Rs6.43 crore from Bank of Maharashtra's Badlapur branch, which was the highest bid. However, after securing the tender, the company failed to submit an export report and did not have the required quota eligibility certificate. Nakhua later requested the cancellation of the quota and return of the guarantee, citing falling sugar prices and the US buyer's cancellation. The bank denied issuing the guarantee, leading to APEDA approaching the police.
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