Delhi diamond exporter booked for Rs 389-crore Oriental Bank of Commerce loan fraud


New Delhi: After Nirav Modi and Mehul Choksi, the Central Bureau of Investigation (CBI) on Friday registered a case against a Delhi-based jeweller Dwarka Das Seth International for an alleged fraud worth Rs 389.95 crore towards Oriental Bank of Commerce.

As per reports, the company has availed various credit facilities from OBC between 2007-12, which swelled to Rs 389.95 crore during the period.

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.

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 company was also engaging in business transactions with non-existent entities.

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