The Directorate of Enforcement (ED), Jalandhar Zonal Office, carried out search operations last week at six business and residential premises linked to M/s Punjab Basmati Rice Ltd, Amritsar, and its directors and promoters, including Kulwinder Singh Makhni and others.The company, along with its promoters and directors, is accused of involvement in a bank fraud of Rs 350.84 crore, causing losses to a consortium of six banks led by Canara Bank. The ED initiated the investigation on the basis of an FIR registered by the CBI, New Delhi, under various sections of the IPC and Section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act.According to the ED, the accused company allegedly defrauded the bank consortium of Rs 350.84 crore and diverted public funds, resulting in corresponding gains to the promoters and directors.It is further alleged that the company showed fake stock sales to fictitious entities, which were reflected as debtors in its books. In addition, shell entities were used for stock transactions, and the proceeds were allegedly withdrawn in cash.During the searches, various incriminating documents, including electronic devices, along with cash amounting to Rs 8.50 lakh and USD 8,600, were recovered and seized under the provisions of the Prevention of Money Laundering Act (PMLA).