CBI books Ahmedabad firm and directors for ₹121 crore bank fraud

The Central Bureau of Investigation (CBI) has registered a case of criminal conspiracy, cheating and corruption against city-based Anil Bioplus Ltd, its directors and unknown public servants for allegedly defrauding Bank of India to the tune of ₹121.60 crore, according to a First Information Report (FIR) lodged by the agency’s Banking Securities & Fraud Branch (BS\&FB) in Mumbai.

Complaint from Bank of India

The FIR follows a complaint dated June 19, 2025, by Mahesh Jagdishlal Batra, Deputy Zonal Manager (Recovery), Bank of India, Ahmedabad Zone. Batra alleged that the company and its directors, Amol Shripal Sheth, Darshan Mehta and Nalin Kumar Thakur, along with unknown public servants and others, engaged in a “well-planned criminal conspiracy” to divert and siphon off funds from credit facilities sanctioned by the bank.

The bank had extended sole-banking credit to the company since 2002, with limits last reviewed at ₹142.73 crore in November 2015. The account turned non-performing (NPA) on September 30, 2014, with an outstanding of ₹121.60 crore. Despite repeated opportunities to explain, the borrower failed to justify the irregularities, the bank said.

Alleged diversion of funds

A forensic audit, covering April 2014 to March 2017, flagged a pattern of circular and suspicious transactions. The report highlighted:

—Routing of large sums of ₹44.27 crore in payments and ₹27.95 crore in receipts through other Anil Group companies.

—Transfers to Anil Tradecom Ltd and subsequent remittances to common entities, indicating round-tripping.

—Payments to group firms whose commercial tax registrations had been cancelled, and to related companies where directors were family members.

—Unauthorised creation of a ₹10-crore charge in favour of Religare Finvest without Bank of India’s permission.

—Use of the company’s cash-credit account for a ₹2.5-crore transfer to a construction firm, Navkar Builders, which auditors said was unrelated to its business.

Auditors also reported that stock statements supplied to the bank were unreliable and that inspection teams were denied access to certain plant facilities, raising suspicion of concealment.

Recovery efforts and fraud declaration

BOI initiated recovery action through the Debt Recovery Tribunal (DRT) in August 2017, obtaining a recovery certificate in March 2018. Charged assets were subsequently sold through e-auctions, but the bank declared the account “fraud” on January 12, 2021 after considering the forensic audit and the company’s replies to show-cause notices. Two other Anil Group entities, Anil Ltd and Anil Nutrients Ltd, have also been declared fraudulent accounts and are under separate CBI probes.

CBI investigation under the anti-corruption law

The CBI has registered offences under BNS Sections 120-B (criminal conspiracy) and 420 (cheating) and Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act, 1988. The case has been entrusted to Sandeep Gautam, Superintendent of Police, BS\&FB, Mumbai.

The FIR notes that the fraud caused “wrongful loss to the bank and corresponding unlawful gain to the accused”, and calls for a full investigation to identify any collusion by public servants. The bank has stated that no staff involvement has been detected so far.

Company profile

Anil Bioplus Ltd, incorporated in 2001 (previously Anil Biochem Ltd), is engaged in the manufacture of gluconate, food flavours, colours, and fragrances for the pharmaceutical and confectionery industries. Its registered office is at Anil Starch Premises, Anil Road, Ahmedabad.

The CBI probe will now examine the alleged diversion of funds, the role of the directors and any possible involvement of unknown public servants.