New Delhi, Jul 3 (IANS): The Central Bureau of Investigation (CBI) has registered a case against Punjab Basmati Rice Ltd for cheating a consortium of six banks to the tune of Rs 350.84 crore by disposing off the stock and prime security.

The agency registered the case on a complaint filed by Canara Bank, Chandigarh, against Punjab Basmati Rice Ltd (borrower company). Some unidentified persons and bank officials have also been booked by the CBI.

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 and UCO Bank to the tune of Rs 350.84 crore, including Rs 174.89 crore of Canara Bank, by disposing off the stock and prime security without any prior intimation or approval from the consortium of lender banks.

The CBI on Thursday also conducted searches at the premises of the accused directors and promoters of the firm -- Kulwinder Singh Makhani, Jasmeet Kaur and Manjit Singh Makhani -- and the premises of the company in Amritsar.

"All precautions were taken while conducting the searches and PPE kits were provided to the search teams. The investigation is continuing," the CBI said.