Mumbai Firm Booked For ₹6.43 Crore Fake Bank Guarantee

A Ghatkopar-based company, Make India Impex, has been booked by the Pantnagar police for allegedly submitting a forged bank guarantee worth ₹6.43 crore to the Agricultural and Processed Food Products Export Development Authority (APEDA).

The company's proprietor, Rajesh Tulsidas Nakhua, had secured an allocation to export 8,584 metric tonnes of sugar to the US but failed to execute it.

APEDA Deputy General Manager Prashant Pramod Waghmare lodged the complaint at Pantnagar police station on the authority's behalf.

To export agricultural products, companies must obtain an APEDA registration certificate, import export code, and other licenses.

In November 2024 to September 2025, the US allocated India a sugar import quota of 8,606 metric tonnes. Make India Impex bid to export 8,584 metric tonnes at $1,780 per metric tonne and submitted a ₹6.43 crore bank guarantee from Bank of Maharashtra's Badlapur branch.

As the highest bidder, the company received the tender but later failed to submit the export report and lacked the required quota eligibility certificate.

In July 2025, Nakhua sought cancellation of the quota and return of the guarantee, citing falling sugar prices and cancellation by a US buyer.

APEDA rejected the request and sought to invoke the guarantee.

On August 21, 2025, the Bank of Maharashtra said it had not issued the guarantee, prompting APEDA to approach the police.

The case highlights the importance of verifying documents and ensuring compliance with regulations in international trade.

The incident may also impact the credibility of Indian exporters in the global market.

The police investigation is ongoing, and further action will be taken based on the findings.

The case serves as a reminder of the need for transparency and accountability in business dealings, particularly in international trade where reputation and credibility are crucial.

The outcome of the investigation will be closely watched by the business community and regulatory authorities alike.