15 August,2026 11:51 AM IST | Thane | mid-day online correspondent
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Thane Police have registered a criminal case against the CEO and three partners of a Satara-based agribusiness firm for allegedly cheating an FMCG company of Rs 40 lakh.
The case was registered following a complaint by Pitambari Products, which had allegedly entered into a business agreement with the firm to purchase jaggery powder at a comparatively lower price.
Police said the matter is currently under investigation and no arrests have been made so far.
According to the police, the accused were associated with Synergy Hitech Agro, a Satara-based agribusiness firm.
The firm allegedly approached Pitambari Products with an offer to supply jaggery powder at a cheaper rate. Following discussions, both sides entered into an agreement in September 2024.
As part of the arrangement, the FMCG company allegedly transferred an advance payment of Rs 40 lakh to the accused firm.
The payment was reportedly made with the expectation that the company would receive the agreed quantity of jaggery powder as per the terms of the business arrangement.
Police allege that after receiving the advance amount, the accused failed to supply the jaggery powder to Pitambari Products.
Investigators further allege that instead of using the money for the intended business transaction, the funds were diverted for the accused's personal financial benefit.
The alleged offences are stated to have taken place between September 1, 2024, and August 13, 2026.
Following a formal complaint submitted on August 13, Naupada Police registered a First Information Report against four individuals associated with Synergy Hitech Agro.
The case has been registered under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) dealing with cheating, criminal breach of trust, acts carried out with common intent and dishonest conduct.
Police have begun investigating the financial transactions, the agreement between the two companies and the alleged diversion of the advance payment.
Police officials confirmed that none of the four accused has been arrested in connection with the case so far.
The investigation is expected to examine the circumstances surrounding the agreement, the transfer of the Rs 40 lakh advance and the subsequent dealings involving the money.
Officials are also likely to verify the business records and communications between the two firms as part of the probe.
The case highlights the financial risks involved in advance-payment business transactions, particularly when goods or services are promised at rates significantly lower than prevailing market prices.
The allegations against the accused are yet to be established in court, and the investigation by Naupada Police is currently underway.
(With inputs from PTI)
