Assam: CBI raids businessman Rajesh Bajaj’s home over Bank of Baroda loan fraud case
The CBI detained businessman Rajesh Bajaj in Guwahati following raids at his residence and office in connection with a multi-crore loan default involving Bank of Baroda. Investigators seized documents and cash linked to financial transactions, with allegations echoing Bajaj's previous involvement in the Apex Cooperative Bank and Saradha chit fund scams. The investigation is ongoing.
New Delhi: The Central Bureau of Investigation (CBI) on Tuesday detained controversial businessman Rajesh Bajaj after conducting hours-long raids at his residence and business premises in Guwahati in connection with an alleged multi-crore loan default involving Bank of Baroda.
Sources said a CBI team from Kolkata took Bajaj into custody following sustained questioning as part of a case registered by Bank of Baroda in 2025. The bank has accused Bajaj of defaulting on loans availed in the name of his company, North East Plantation and Commercial Private Limited.
The First Information Report (FIR) was lodged at the CBI’s Kolkata office, after which the central agency launched searches at multiple locations in Assam. On Tuesday, simultaneous raids were carried out at Bajaj’s residence and at his company’s office on Zoo Road in Guwahati. Bajaj’s brother, Kishore Bajaj, was present during the search at the office, sources added.
Investigators reportedly seized a large number of documents believed to be linked to the financial transactions under scrutiny. A large red bag, suspected to contain cash, was also taken into possession, though the agency has not officially confirmed its contents.
According to investigators, Bajaj had taken loans worth several crores of rupees from Bank of Baroda but failed to repay them. The allegations echo earlier charges against him in the multi-crore Apex Cooperative Bank scam, which is already under investigation.
Bajaj has also previously been named in connection with the Saradha chit fund scam. In another case, he allegedly fraudulently obtained Rs 20.30 crore from the Dispur branch of Assam Apex Cooperative Bank Ltd while serving as managing director of North East Plantation and Commercial Pvt Ltd, which owns the Usha Tea Estate in Golaghat district of Upper Assam.
As per the allegations, Bajaj secured the funds through the "demand bill purchase” mechanism, allegedly with the involvement of the then bank chairman Biswajit Phukan, a BJP MLA from Sarupathar constituency in Golaghat district. Between April 5 and June 20, Bajaj’s firm is alleged to have withdrawn funds in multiple tranches—Rs 6 crore on April 5, Rs 3 crore on April 18, Rs 2 crore on April 28, Rs 4 crore on May 2, Rs 95 lakh on June 2, Rs 80 lakh on June 9, and Rs 3.55 crore on June 20.
The CBI has not issued any official statement so far on the detention, the materials seized, or the next course of action. Further developments are expected as the investigation progresses.