The CBI’s Mumbai unit registered the case on Wednesday based on a complaint by a BoB assistant manager in Ahmedabad

Published on: Oct 6, 2026, 07:54:00 IST

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MUMBAI: The Central Bureau of Investigation (CBI) has registered a case against Gujarat-based edible oil manufacturer Map Refoils India Ltd, its former directors and others for allegedly defrauding a consortium of banks led by Bank of Baroda (BoB) of ₹69.08 crore through unpaid loans.

The CBI’s Mumbai unit registered the case on Wednesday based on a complaint by a BoB assistant manager in Ahmedabad. The agency is investigating the company’s transactions with the bank between 2018 and 2021, CBI officials said.

According to the complaint, Map Refoils India allegedly obtained multiple credit facilities from the consortium but later defaulted on the loans. The company had taken the loans for its businesses, including refining cottonseed, palm, soybean, sunflower, groundnut and mustard oil.

However, the company’s loan account was classified as a non-performing asset (NPA) in August 2021 after it allegedly faced a cash-flow crisis. Based on a subsequent forensic audit of the loan account for the period from April 2018 to March 2021, the account was classified as “fraud” by the consortium of banks.

The bank has alleged that the accused prepared two sets of audited financial statements for 2018-19 and failed to disclose related-party transactions. It has also alleged that the accused engaged in non-genuine transactions with related parties, with no genuine movement of goods, to inflate its turnover and rotate funds.

The case has been registered under relevant provisions of the Indian Penal Code and the Prevention of Corruption Act against the company, its former directors and others, including unidentified public servants.

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