CBI registers fraud cases against Punjab Basmati Rice and Santosh Overseas, raids their offices
New Delhi: The Central Bureau of Investigation (CBI) on Thursday (July 2) registered a fraud case of Rs 350 crores towards M/s Punjab Basmati Rice Ltd and its administrators following the criticism of Canara Bank in Chandigarh. The CBI additionally raided the corporate’s workplace and homes of the agency’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 additionally prolonged a mortgage 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 corporate’s administrators transferred their firm’s inventory and different property elsewhere with out informing the banks, thereby, harming the pursuits of those banks. Knowing this, the Canara Bank reported the matter to the CBI.
Apart from this, CBI has additionally registered a fraud case of Rs 424 crore towards Bulandshahr-based agency M/s Santosh Overseas Ltd and its director Sunil Mittal.
The CBI right now carried out searches on the premises of the corporate and its director Sunil Mittal in reference to the fraud alleged by a consortium of seven banks led by the IDBI financial institution. The searches befell in Bulandshahr in Uttar Pradesh and Delhi.
The CBI registered a case following the financial institution’s criticism and performed raids in Bulandshahr and Delhi and recovered necessary paperwork.
It was alleged that the corporate had availed packing credit score from the banks on a faux buy order from an affiliate concern and was sustaining present accounts with non-consortium banks and the sale proceeds have been routed by way of these accounts with out intimating the consortium banks.
The probe company acknowledged that heavy transactions have been made by the corporate with associated events who didn’t have TIN registration and so on.
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