The Gujarat CID Crime Branch has launched an investigation into an alleged ₹4.42 crore loan fraud, following a complaint by the State Bank of India&rsquo;s GIDC Electronics Estate branch in Gandhinagar.
The case names two partners of Panjari Agro Processing LLP, accused of shutting down their business without notice, diverting mortgaged assets, and defaulting on repayments. According to the FIR filed by branch manager Dinesh Kumar Suthar, the firm had obtained a ₹2 crore cash credit facility and a ₹80 lakh term loan in October 2020 under the MSME-linked CGTMSE scheme.
To secure the loan, the partners mortgaged warehouse properties worth ₹1.15 crore in Amreli and offered personal guarantees. Of the sanctioned amount, ₹80 lakh was paid to machinery suppliers, while ₹61.50 lakh was moved across different operational accounts.
After one partner, Dilip Rami, passed away during the pandemic, Ahmedabad-based Chintan Parmar joined the firm. The bank later restructured the loans in September 2021 into four separate facilities totaling ₹3.42 crore. However, repayments reportedly stopped in October 2022, and all four accounts were declared NPAs by December that year.
During inspection, SBI officials found the factory locked and machinery missing. Investigators believe the equipment was sold or relocated illegally. A case has been registered against Mehul Valand and Chintan Parmar for criminal breach of trust, cheating, and misuse of secured property. The CID Crime Branch has begun efforts to trace the missing machinery and recover the dues owed to the bank.

Gujarat CID Probes ₹4.4 Cr SBI Loan Scam

Two partners under probe for diverting assets in ₹4.42 crore SBI loan fraud case

Gujarat CID Probes ₹4.4 Cr SBI Loan Scam

Two partners under probe for diverting assets in ₹4.42 crore SBI loan fraud case

October 29, 2025 | 16:47 IST