In an incident involving another Public Sector Bank, Canara Bank has found itself in the middle of headlines amidst as the bank is reported to have been swindled of an amount close 174.89 crores in a transaction involving The Punjab Basmati Rice Ltd.
The searches took place in the premises of the office, in an attempt to scout down the accused board of directors including Kulwinder Singh Makhani, Jasmeet Kaur, and Manjeet Singh Makhani.
In a statement to Newsagency, PTI, CBI Spokesperson RK Gaur said: “It was alleged in the complaint that the accused had cheated the Canara Bank-led consortium comprising Andhra Bank, Union Bank of India, Oriental Bank of Commerce, IDBI Bank, UCO Bank to the tune of Rs 350.84 crore (including Rs 174.89 crore to the Canara Bank) by disposing off the stock and prime security without any prior intimation or approval from the consortium lender banks”
The entity responsible for this fraud, Punjab Basmati Rice Ltd. is headquartered in Amritsar, Punjab.
