Other States

CBI books Punjab-based company for ₹174.89-crore bank fraud

The Central Bureau of Investigation (CBI) has booked Punjab Basmati Rice Limited and others for allegedly causing a loss of ₹174.89 crore to the Canara Bank.

According to the CBI, the company, its directors and others cheated a Canara Bank-led consortium comprising the Andhra Bank, Union Bank of India, Oriental Bank of Commerce, IDBI Bank and the UCO Bank to the tune of ₹350.84 crore (including ₹174.89 crore of Canara Bank).

The accused disposed of the stock/prime security without any prior intimation or approval from the consortium lenders.

“Searches are being conducted on the premises of the accused persons, including the company, at Amritsar in Punjab,” said a CBI official.

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Printable version | Aug 7, 2020 3:32:52 PM | https://www.thehindu.com/news/national/other-states/cbi-books-punjab-based-company-for-17489-crore-bank-fraud/article31975290.ece

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