After Nirav Modi, another diamantair booked for Rs 389-crore OBC loan fraud
The company has availed various credit facilities from OBC between 2007-12, which swelled to Rs 389 crore during the period.
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After Nirav Modi and Mehul Choksi, the CBI has registered a case against a Delhi-based diamond jewellery exporter for an alleged bank loan fraud to the tune of Rs 389.85 crore towards Oriental Bank of Commerce.
The
CBI
has
booked
Dwarka
Das
Seth
International
Pvt
Ltd
for
the
alleged
fraud.
Six
months
after
the
public
sector
bank
filed
a
complaint
with
the
CBI,
the
agency
booked
the
company,
and
Sabhya
Seth,
Reeta
Seth,
Krishna
Kumar
Singh,
Ravi
Singh
-
all
directors
of
the
firm
-
and
another
company
named
Dwarka
Das
Seth
SEZ
Incorporation.
The company has availed various credit facilities from OBC between 2007-12, which swelled to Rs 389 crore during the period.
It was found by the bank that the company was using Letters of Credit (LoCs) to pay off other creditors against the purchase of gold and other precious stone and transfer gold and funds outside the country using fictitious transactions, the bank complaint, now part of the CBI FIR, alleged.
The company was also engaging in business transactions with non-existent entities, it said.
PTI