Delhi diamond exporter booked for Rs 389-crore OBC loan fraud


The same day, the agency also filed a case against Inder Chand Chundawat, then Senior Branch Manager in the Punjab National Bank (PNB)'s Barmer office in Rajasthan, for abuse of his official position.

After sitting on a complaint from Oriental Bank of Commerce for almost six months, the CBI has filed a case against a Delhi-based jewellery outlet Dwarka Das Seth International Private Limited for alleged fraud of almost Rs 390 crore.

In its complaint, the bank said it had issued loans to the tune of crores to the company between 2007 and 2012.

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Similarly, the Bank of Maharashtra has approached the CBI to lodge a loan default complaint against a Delhi businessman Amit Singla.

He said the promoter of Dwarka Das Seth International, who was booked by the CBI for an alleged fraud of Rs 389.85 crore towards Oriental Bank of Commerce, operated with the same modus operandi of fake LoUs as Nirav Modi Under Modi's "Jan Dhan Loot Yojana", another scam! The recent move comes six months after the Oriental Bank of Commerce bank filed a complaint with the CBI. According to the bank's complaint, the company issued Letters of Credit to pay off other creditors against the purchase of gold and other precious stones.

In the wake of another bank fraud by a Delhi-based diamond jeweller, Congress chief Rahul Gandhi on Saturday hit out at the Narendra Modi-led government alleging that the scammer "disappeared" while the government looked the other way. Although the bank complained to the CBI in August previous year, the First Information Report (FIR) was filed two days ago. The company first started availing this facility in 2007 and bills were regularly realised before further bills were discounted. During investigation, it found that Sabhya Seth and other directors and their family members could not be found at their residences for the last 10 months. This despite the company mortgaging assets worth Rs 2 crore. When the bank sold it off to recover its dues, it fetched only Rs 73 lakh.

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"390 Crore, involving a Delhi based jeweller".

Tech Mach was later removed from the panel of valuers by the bank.

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