New Delhi: The Central Bureau of Investigation (CBI) on Thursday (July 2) registered a fraud case of Rs 350 crores against M/s Punjab Basmati Rice Ltd and its directors following the complaint of Canara Bank in Chandigarh. The CBI also raided the company’s office and houses of the firm’s directors-Kulwinder Singh Makhani, Jasmeet Kaur, and Manjeet Singh Makhani.
According to the FIR registered with CBI, the accused took loans of Rs 350 crore from a consortium of banks led by Canara Bank, which also extended a loan of Rs 174.89 crore. The consortium of banks included Andhra Bank, Union Bank of India, Oriental Bank of Commerce, IDBI Bank, UCO Bank, and Canara Bank.
It is alleged that the company’s directors transferred their company’s stock and other assets elsewhere without informing the banks, thereby, harming the interests of these banks. Knowing this, the Canara Bank reported the matter to the CBI.
Apart from this, CBI has also registered a fraud case of Rs 424 crore against Bulandshahr-based firm M/s Santosh Overseas Ltd and its director Sunil Mittal.
The CBI today carried out searches on the premises of the company and its director Sunil Mittal in connection with the fraud alleged by a consortium of seven banks led by the IDBI bank. The searches took place in Bulandshahr in Uttar Pradesh and Delhi.
The CBI registered a case following the bank’s complaint and conducted raids in Bulandshahr and Delhi and recovered important documents.
It was alleged that the company had availed packing credit from the banks on a fake purchase order from an associate concern and was maintaining current accounts with non-consortium banks and the sale proceeds were routed through these accounts without intimating the consortium banks.
The probe agency stated that heavy transactions were made by the company with related parties who did not have TIN registration etc.