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  India   All India  24 Feb 2018  After Nirav Modi, another diamantere booked for Rs 389.85 cr fraud

After Nirav Modi, another diamantere booked for Rs 389.85 cr fraud

PTI
Published : Feb 24, 2018, 9:09 am IST
Updated : Feb 24, 2018, 9:13 am IST

The CBI has booked Dwarka Das Seth International Pvt Ltd for the alleged fraud towards Oriental Bank of Commerce.

The company has availed various credit facilities from OBC between 2007-12, which swelled to Rs. 389 crore during the period. (Photo: PTI)
 The company has availed various credit facilities from OBC between 2007-12, which swelled to Rs. 389 crore during the period. (Photo: PTI)

New Delhi:  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 (OBC).

The CBI has booked Dwarka Das Seth International Pvt Ltd for the alleged fraud.

Also Read: CBI arrests Rotomac pens owner, son over Rs 3,695 cr loan default case

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.

Also Read: PNB asks Nirav Modi to share plan to repay Rs 11,400 crore

It was found by the bank that the company was using Letters of Credit (LoCs) to pay off other creditors against the purchae 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.

Tags: nirav modi, delhi fraud, oriental bank of commerce, mehul choksi
Location: India, Delhi, New Delhi