Here Is Everything We Know About Punjab Basmati Rice Ltd And The Rs 350 Crore Bank Fraud
After a concise respite, India has been shaken by another bank extortion, indeed running into many crores, and influencing a few banks. The focal point of the extortion is Punjab Basmati Rice Limited, a firm situated in Amritsar, Punjab.
As per the Central Bureau of Investigation (CBI), the company's executives have duped a few banks to the tune of Rs 350 crores. Manjit Singh Makhni, the chief of Punjab Basmati Rice Ltd had fled the nation toward the start of 2018 and is supposed to be right now living in Canada.
The CBI, in its FIR, has named different chiefs of Punjab Basmati Rice Ltd, Kulwinder Singh Makhani, Jasmeet Kaur, and obscure bank authorities likewise as blamed for the situation.
"It was affirmed in the grievance that the denounced had bamboozled the Canara Bank-drove consortium containing Andhra Bank, Union Bank of India, Oriental Bank of Commerce, IDBI Bank, UCO Bank to the tune of Rs 350.84 crore (counting Rs 174.89 crore to the Canara Bank) by arranging off the stock and prime security with no earlier insinuation or endorsement from the consortium loan specialist banks," CBI Spokesperson R.K. Gaur said.
The FIR was documented in the bamboozling case by the Canara Bank and assault were completed at the premises of Punjab Basmati Rice Limited and its chiefs. The organization had likewise taken a credit of Rs 53 crore from Andhra Bank, Rs 44 crore from UBI, 25 crore from OBC, Rs 14 crore from IDBI and Rs 41 crore from UCO Bank.
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As per the protest by Canara Bank, the firm had money related managing them since 2003 and in 2012 it settled on a consortium plan. The banks included were Andhra Bank, IDBI, OBC, UBI and UCO Bank and the consortium was driven by Canara bank. Inconveniences began in 2018 after the firm neglected to pay the chief sum and intrigue.
It likewise became known that the firm had discarded the load of rice which was the essential security for the credit without advising the banks. Following this Canara Bank had moved toward the Reserve Bank of India against the defaulting firm.
The bankruptcy case is right now under the thought of National Company Law Tribunal and Punjab Basmati Rice Ltd is under liquidation.
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