• Contact us
  • Privacy Policy
  • Sitemap
  • Disclaimer
Friday, February 3, 2023
NewsLiveNation
No Result
View All Result
  • Login
  • Contact us
  • Business
    • Economy
    • Finance
    • Insurance
  • Health
  • Lifestyle
    • Travel
  • News
    Twitter

    yesu_x Twitter: Biography and real identity

    Marcel Young: Read about the son of legendary rap singer Dr. Dre

    Lou Sulola Samuel: A Child Supermodel

    Lou Sulola Samuel: A Child Supermodel

    Michael Other’s Tiffany Roy Bio

    Michael Other’s Tiffany Roy Bio

    Coronavirus variants detected via covid-19 tests, labs suggest

    Coronavirus Variants Detected via Covid-19 Tests, Labs Suggest

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
    • Entertainment
    • National
    • Politics
    • World
  • Opinion
  • Science
  • Tech
  • Contact us
  • Business
    • Economy
    • Finance
    • Insurance
  • Health
  • Lifestyle
    • Travel
  • News
    Twitter

    yesu_x Twitter: Biography and real identity

    Marcel Young: Read about the son of legendary rap singer Dr. Dre

    Lou Sulola Samuel: A Child Supermodel

    Lou Sulola Samuel: A Child Supermodel

    Michael Other’s Tiffany Roy Bio

    Michael Other’s Tiffany Roy Bio

    Coronavirus variants detected via covid-19 tests, labs suggest

    Coronavirus Variants Detected via Covid-19 Tests, Labs Suggest

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
    • Entertainment
    • National
    • Politics
    • World
  • Opinion
  • Science
  • Tech
No Result
View All Result
Morning News
No Result
View All Result
Home India

2 Years After Businessman Leaves India, Bank Alleges Rs 350 crore Fraud

newslivenation by newslivenation
July 2, 2020
in India
0
2 Years After Businessman Leaves India, Bank Alleges Rs 350 crore Fraud
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

[ad_1]

2 Years After Businessman Leaves India, Bank Alleges Rs 350 crore Fraud

CBI has registered a case in opposition to Manjit Singh Makhni and others (File)

New Delhi:

Manjit Singh Makhni, the Director of Punjab Basmati Rice Ltd, has skipped the nation after defrauding a Canara bank-led consortium of six banks to the tune of round Rs 350 crore, sources informed NDTV. Manjit Singh Makhni is now in Canada, the sources mentioned.

On the idea of a criticism by the financial institution, the Central Bureau of Investigation has registered a case in opposition to the Amritsar-based Punjab Basmati Rice Ltd and its Directors Manjit Singh Makhni, his son Kulwinder Singh Makhni, his daughter-in-law Jasmeet Kaur and unknown public servants for allegedly dishonest six banks.

In the First Information Report, the company gave a break-up of the dues: “Rs 175 crore with Canara Bank, 53 crore Andhra Bank, 44 crore with UBI, 25 crore with OBC, 14 crore with IDBI and 41 crore with UCO Bank.”

In its criticism, Canara financial institution mentioned the agency had availed credit score services from it since 2003. In 2012, they opted for a consortium association. The banks included had been Andhra Bank, IDBI, OBC, UBI and UCO Bank and the consortium was led by Canara financial institution.

“As the company defaulted in the repayment of principle debt and installments, the account was classified as NPA by Canara bank on 25.04.2018; Andhra Bank on 31.03.2018; OBC on 27.6.2018; IDBI on 31.3.2018; UBI on 30.4.2018 and UCO bank on 31.3.2018,”  the company’s FIR learn.

In March final 12 months, after making its personal investigations, the financial institution reported the alleged fraud to the Reserve Bank. While the financial institution was suggested to file the criticism with CBI in March final 12 months, it filed the criticism with the central company in June this 12 months.

The company additionally alleged that the accused had dedicated fraud by “disposing of the stock and primary security” with out the approval from the banks. They additionally didn’t repay their money owed from the proceeds.

Joint inspection by the financial institution discovered that rice inventory price Rs 291 crore, which is a part of the safety for the credit score facility, was eliminated and invoices weren’t submitted by the corporate to substantiate its claims of shares having being bought out. “These sales do not appear to be genuine,” the financial institution has mentioned in its criticism.

“After registration of the case, the agency is conducting searches at the premises of the accused, including the companies at Amristar,” the CBI mentioned in an announcement.

“The Canara bank, in its complaint, said as per their source information, Manjit Singh Makhni has left for Canada long before they filed their complaint, which was dated June 1. The agency will take necessary steps to bring back the accused,” sources within the CBI mentioned.

“Manjit Singh Makhni has left the country in the beginning of 2018. Once Canara bank got the information, passports of all three accused and Manjit Singh were revoked in September 2018,” sources informed NDTV.  

“It is a purely civil dispute and the company has already moved NCLT for initiation of insolvency process and the company is under liquidation.  I can’t comment anything about this criminal proceedings initiated by CBI,” Jyoti Sareen, counsel for Kulwinder Singh Makhni, informed NDTV.

[ad_2]

Source link

READ ALSO

Delhi Government Withdraws 360 Buses Given To Police, Paramilitary: Official

Coronavirus Vaccination: Over 17,000 Vaccinated On Day 2, Adverse Reactions Minor: Health Ministry

Tags: Canara BankCBIManjit Singh Makhni

Related Posts

India

Delhi Government Withdraws 360 Buses Given To Police, Paramilitary: Official

February 4, 2021
India

Coronavirus Vaccination: Over 17,000 Vaccinated On Day 2, Adverse Reactions Minor: Health Ministry

January 17, 2021
India

Delhi Temperature Dips To 3.2 Degree Celsius On Lohri

January 13, 2021
India

“COVID-19 Vaccine For Our Countrymen In The Next Few Days”: Harsh Vardhan

January 8, 2021
India

Know The Date, Timings and Significance

January 8, 2021
Kangana Ranaut, Sister Appear Before Mumbai Cops In Sedition Case
India

Kangana Ranaut, Sister Appear Before Mumbai Cops In Sedition Case

January 8, 2021
Next Post
Food Poisoning Hits Some 3,500 In Japan Schools

Food Poisoning Hits Some 3,500 In Japan Schools

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

How To Make Self-Care A Part Of Your Routine

How To Make Self-Care A Part Of Your Routine

October 4, 2022
John Krasinski Net Worth

John Krasinski Net Worth: Is he the richest actor from the cast of The Office?

June 1, 2022
Alvin Louise Martin

Alvin Louise Martin: Everything you need to know about Whoopie Goldberg’s ex-husband. Where is he now? 

June 1, 2022
Pakistani court convicts 3 LeT and JuD leaders, including Hafiz Saeed’s brother-in-law

Pakistani court convicts 3 LeT and JuD leaders, including Hafiz Saeed’s brother-in-law

August 29, 2020

EDITOR'S PICK

Best Walmart Cyber Monday deals: $19 Google Nest Mini, $177 Roomba 670, $99 Nespresso and more

Best Walmart Cyber Monday deals: $19 Google Nest Mini, $177 Roomba 670, $99 Nespresso and more

November 30, 2020
India-China tensions reportedly delaying imports of Apple and Xiaomi devices

India-China tensions reportedly delaying imports of Apple and Xiaomi devices

November 26, 2020
Marvel’s Falcon and the Winter Soldier trailer shows duo ready for action

Marvel’s Falcon and the Winter Soldier trailer shows duo ready for action

December 11, 2020
3-Day Uttar Pradesh Assembly Session Starts Tomorrow Amid Covid Scare

3-Day Uttar Pradesh Assembly Session Starts Tomorrow Amid Covid Scare

August 24, 2020

About

newslivenation.in


newslivenation.in is an open platform for people who loves to read and write. You can gather information or share your views in your words here. We will always be happy to provide the most recent facts, technological news etc. Happy reading!

Follow us

Tech

How to Change Passcode on iPhone?

February 3, 2023
Technology

Airtel Prepaid plans under Rs 300

February 1, 2023
Entertainment

Deepa Thomas

February 1, 2023

How to Change Passcode on iPhone?

  • Contact us
  • Privacy Policy
  • Sitemap
  • Disclaimer

Copyright © 2022 All Rights Reserved | Powered by Newslivenation

No Result
View All Result
  • News
  • Politics
  • National
  • Business
  • Finance
  • World
  • Entertainment
  • Fashion
  • Food
  • Health
  • Lifestyle
  • Opinion
  • Science
  • Tech
  • Travel

Copyright © 2022 All Rights Reserved | Powered by Newslivenation

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In