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Another Bank Loan Fraud happens under the nose of government. CBI has booked a Delhi-based diamond jewellery exporter, Dwarka Das Seth International Pvt Ltd, for the alleged bank loan fraud. Oriental Bank of Commerce reports Rs 389.85 crore fraud by a Delhi-based jeweler who ran away after taking letter of credit facility since 2007.
It has become a series where 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.
Nirav Modi, his uncle Mehul Choksi and others are being investigated by the CBI, ED and the tax department after a bank fraud recently came to light, following a complaint by the PNB that they allegedly cheated the nationalized bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank.
Six months after Oriental Bank of Commerce 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.