Canara Bank 'cheated' of Rs 174,89 crore: CBI searches premises of Punjab Basmati Rice Ltd in Amritsar

New Delhi: The CBI carried out searches on Thursday at the premises of Punjab Basmati Rice Limited and its directors, booked for allegedly cheating the Canara Bank to the tune of Rs 174.89 crore, officials said.

The searches took place at the premises of the company office and accused directors Kulwinder Singh Makhani, Jasmeet Kaur and Manjeet Singh Makhani in Punjab's Amritsar, they 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," CBI Spokesperson RK Gaur said.