Mumbai Firm Booked For Using Fake ₹6.43 Crore Bank Guarantee To Secure US Sugar Quota
· Free Press Journal
Mumbai: The Pantnagar police have registered an FIR against the proprietor of a Ghatkopar-based company for allegedly submitting a forged bank guarantee worth Rs6.43 crore to the Agricultural and Processed Food Products Export Development Authority (APEDA) to secure a sugar export quota for the United States.
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The accused, Rajesh Tulsidas Nakhua, proprietor of Ghatkopar-based Make India Impex, allegedly 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, 53, lodged the complaint at Pantnagar police station on the authority's behalf officially.
As per the FIR, agricultural exporters must obtain an Agricultural and Processed Food Products Export Development Authority (APEDA) registration certificate, import export code and other licences.
Mumbai Dowry Harassment Cases Rise 5.7% In 2026, Even As Dowry Deaths & Suicides DeclineFor 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 allegedly submitted a ₹6.43 crore bank guarantee from Bank of Maharashtra's Badlapur branch. As the highest bidder, it received the tender.
The company 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 said it had not issued the guarantee, prompting APEDA to approach Pantnagar police.
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