India


ED conducts raids in Rs ₹ 350.84 Cr Punjab Basmati Rice Bank fraud case

New Delhi, June 12 (UNI) The Enforcement Directorate (ED), Jalandhar Zonal Office, today said it had conducted search operations at six business and residential premises linked to Punjab Basmati Rice Limited and its directors/promoters, including Kulwinder Singh Makhni and others, in connection of an alleged bank fraud amounting to Rs ₹350.84 crore.
According to the ED, Punjab Basmati Rice Limited and its promoters/directors were involved in a bank fraud amounting to ₹350.84 crore, causing losses to six consortium member banks led by Canara Bank.
The ED initiated its investigation based on an FIR registered by the CBI, New Delhi, against Punjab Basmati Rice Limited and others under various sections of the Indian Penal Code, 1860, and Section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act, 1988.
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21 Jul 2026 | 9:27 PM

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