Police in Maharashtra’s Thane have registered a case against the CEO and three partners of a Satara-based agribusiness firm in connection with an alleged ₹40 lakh fraud involving FMCG company Pitambari Products. The accused allegedly offered to supply jaggery powder at a price lower than the prevailing market rate. Following a business agreement, Pitambari Products transferred ₹40 lakh as an advance in September 2024, but the agreed quantity of jaggery powder was allegedly never supplied.
According to police, the complaint was filed by Pitambari Products against Synergy Hitech Agro, a Satara-based agribusiness company. The firm had allegedly approached the FMCG company with an offer to supply jaggery powder at a comparatively lower price. After discussions between the two sides, a business agreement was entered into in September 2024, under which the FMCG company was required to make an advance payment before receiving the agreed consignment.
As part of the arrangement, Pitambari Products allegedly transferred ₹40 lakh to the company. The payment was made with the expectation that the accused firm would supply the agreed quantity of jaggery powder in accordance with the terms of the agreement. However, police allege that after receiving the money, the company failed to deliver the goods.
Investigators are examining allegations that the accused did not use the advance amount for the intended business transaction. The complainant has alleged that instead of arranging the supply, the money was allegedly diverted for the personal financial benefit of those involved. Police are now tracing the bank accounts through which the ₹40 lakh was received and examining how the funds were subsequently used or transferred.
According to police, the alleged offences took place between September 1, 2024, and August 13, 2026. Investigators are examining the agreement between the two companies, the payment made by Pitambari Products, the promised supply of jaggery powder and subsequent communications between the parties. Based on the complaint, Naupada Police registered an FIR against four individuals on August 13.
The case has been registered under relevant provisions of the Bharatiya Nyaya Sanhita dealing with cheating, criminal breach of trust, acts carried out with common intention and dishonest conduct. Police have confirmed that no arrests have been made so far. The allegations against the accused have not been established in court, and the investigation is currently underway.
As part of the investigation, police are examining the business agreement and related documents exchanged between the two companies. The ₹40 lakh bank transfer, the date and destination of the payment, subsequent transactions and the financial records of the accused are also expected to form a key part of the probe. Investigators will also examine communications between the companies to determine whether there were repeated assurances regarding the delivery of the jaggery powder.
Police are likely to examine business records, bank statements, invoices, bills, emails, mobile messages and other communications connected with the transaction. These records could help establish the quantity of jaggery powder agreed upon, the price offered by the accused firm and whether any genuine steps were taken to fulfil the supply commitment after receiving the advance payment.
The case highlights the financial risks involved in advance-payment business transactions, particularly when companies are offered goods at prices significantly lower than prevailing market rates. Such transactions can expose businesses to financial losses if the supplier fails to deliver the promised goods after receiving an advance. Verification of a company’s financial position, business history, supply capacity and banking credentials can help reduce such risks.
Naupada Police are now working to establish the complete trail of the ₹40 lakh transaction and determine where the money went after it was transferred. Investigators will also examine whether the funds were used for legitimate business purposes or allegedly diverted for personal use. The findings of the financial and documentary investigation will determine the next course of legal action. For now, the four accused have been booked, but none has been arrested.
