CBI Probes Alleged ₹40-Crore Bank Of Maharashtra Fraud Involving Milk Products Firm
Mumbai, October 13, 2026: The Central Bureau of Investigation (CBI) has launched an investigation against a private company engaged in manufacturing milk products and its directors, who are allegedly involved in a multi-crore fraud. The company and its directors have allegedly caused a loss of around Rs 40 crore to the Bank of Maharashtra. The agency has claimed that the borrowers had allegedly…
The Central Bureau of Investigation (CBI) has initiated an investigation into a private company involved in milk product manufacturing and its directors for allegedly causing a loss of around ₹40 crore to the Bank of Maharashtra. The agency claims that the borrowers deceived the bank by submitting incorrect information and presenting financial statements inaccurately while obtaining credit.
The company and its directors were alleged to have conspired with unknown public servants and others to commit cheating, criminal conspiracy, and misuse of official position. The delinquency in repayment of the term loan was observed, and the account became non-performing asset (NPA) in June 2019. The bank had reported the account as fraud to the Reserve Bank of India (RBI) in December 2025.
The term loan, secured through plant, machinery, inventory, receivables, land, and building, was sanctioned in August 2015 for setting up a milk processing plant in Solapur.
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