ED searched four Madhya Pradesh premises linked to Nimar Agro Park over alleged diversion and misuse of a ₹13.99-crore NABARD loan for an agro-processing cluster.
INDORE (India CSR): The Directorate of Enforcement (ED), Indore Sub-Zonal Office, conducted searches at four premises in Madhya Pradesh on September 9, 2026, in connection with an investigation into the alleged diversion and misuse of a Rs. 13.99-crore NABARD loan availed by M/s Nimar Agro Park. The searches were conducted under the Prevention of Money Laundering Act (PMLA), 2002, at premises linked to M/s Nimar Agro Park, its partners and connected entities—M/s B.S. Cotton Pvt. Ltd., M/s Shree Rajrajeshwar Developers and M/s Shree Rajrajeshwar Ventures.
NABARD Loan Case
According to the ED, the investigation began on the basis of an FIR registered by the Central Bureau of Investigation’s Economic Offences Branch, Kolkata, against partners of M/s Nimar Agro Park. The FIR alleged criminal conspiracy, cheating, criminal breach of trust, forgery and corruption. M/s Nimar Agro Park, based in Sendhwa in Barwani district, Madhya Pradesh, had availed a term loan of Rs. 13.99 crore from NABARD in 2019 under the Food Processing Fund Scheme. The loan was sanctioned for establishing an Agro Processing Cluster at Village Jamli, Sendhwa.
Project Cost Details
The total project cost was stated to be Rs. 31.04 crore. This included a Rs. 10-crore grant-in-aid sanctioned by the Ministry of Food Processing Industries, promoters’ contribution of Rs. 7.05 crore, and the NABARD term loan of Rs. 13.99 crore. The ED alleged that the loan amount was diverted and misused instead of being deployed for the intended project. The agency said the project remained incomplete and the loan account was subsequently classified as a non-performing asset (NPA) on September 29, 2024.
According to the ED, this resulted in a wrongful loss of Rs. 13.99 crore to NABARD.
Documents Seized
The searches resulted in the seizure of documents and digital devices. The ED also said it froze four bank lockers during the operation. The search action was undertaken to trace documents, financial records and assets allegedly acquired from or linked to the alleged proceeds of crime. The agency said it is examining the complete money trail and the role of persons and entities involved in the alleged conspiracy.
Further investigation is in progress.
| Particular | Details |
|---|---|
| Investigating agency | Directorate of Enforcement, Indore Sub-Zonal Office |
| Search date | September 9, 2026 |
| Premises searched | Four |
| Main entity | M/s Nimar Agro Park |
| Connected entities | B.S. Cotton Pvt. Ltd., Shree Rajrajeshwar Developers, Shree Rajrajeshwar Ventures |
| Loan amount | ₹13.99 crore |
| Lending institution | NABARD |
| Loan year | 2019 |
| Scheme | Food Processing Fund Scheme |
| Project | Agro Processing Cluster at Village Jamli, Sendhwa |
| Total project cost | ₹31.04 crore |
| Ministry grant-in-aid | ₹10 crore |
| Promoters’ contribution | ₹7.05 crore |
| NPA classification date | September 29, 2024 |
| Search outcome | Documents and digital devices seized; four bank lockers frozen |
