ED Conducts Searches At 4 Premises Link To Nimar Agro Park In Sendhwa, In ₹13.99 Crore Loan Misutilasation
Bhopal (Madhya Pradesh): The Directorate of Enforcement (ED) has conducted search operations at four premises linked to M/s Nimar Agro Park, its partners and its connected entities M/s B.S. Cotton Pvt. Ltd., M/s Shree Rajrajeshwar Developers and M/s Shree Rajrajeshwar Ventures located in Sendhwa, Barwani district, under the provisions of the Prevention of Money Laundering Act (PMLA), said…
The Directorate of Enforcement (ED) conducted searches at four locations connected to the Nimar Agro Park project and its associated entities in Sendhwa, Barwani district, Madhya Pradesh. The investigation, under the Prevention of Money Laundering Act (PMLA), was initiated in response to a complaint by the Central Bureau of Investigation (CBI) against the company's partners.
The alleged criminal activity centers around the misutilisation of a ₹13.99 crore loan provided by the National Bank for Agriculture and Rural Development (NABARD) to M/s Nimar Agro Park for the establishment of an Agro Processing Cluster (APC) in Village Jamli. The total project cost amounted to Rs 31.04 crore, with Rs 10 crore coming from the Ministry of Food Processing Industries, Rs 7.05 crore from promoters, and the remaining balance financed by the bank term loan.
ED officials found incriminating documents, digital devices, and seized four bank lockers during the search operations. The project, which aimed to cost Rs 31.04 crore, remained incomplete after being classified as a Non-Performing Asset (NPA) by the bank on September 29, 2024. This resulted in an estimated loss of Rs 13.99 crore to the bank.
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