Crook businessman flees with Rs 350 crore as Banks failed to file FIR on time

The brunt of the mistakes made by the bank will now be beard by everyone. A major negligence of banks has caused the loss of Rs 175 crore to Canara Bank with Rs 53 crore of Andhra Bank, Rs 44 crore of UBI, Rs 25 crore of OBC, Rs 14 crore of IDBI and Rs 41 crore of UCO Bank.

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 defrauded the six banks of Rs 350 crores.

Canara Bank has filed a complaint stating that it was defrauded to the tune of Rs 350 with the Central Bank of Investigation (CBI), but it only did so 18 months after detecting the fraud, thus giving the accused enough time to flee the country.

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The CBI carried out searches at the premises of Punjab Basmati Rice Limited and its directors. Reportedly, Manjit Singh Makhni has moved to Canada after the alleged fraud.

Canara Bank alleged that the firm availed credit facilities from it since 2003. “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 agency’s FIR read.

Canara Bank reported the fraud to the RBI in March last year. While the bank was advised to file the complaint with CBI in March last year, still the bank took over 15 months to approach the CBI to lodge the FIR against the accused.

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