NEW DELHI: After Nirav Modi and Mehul Choksi, the Central Bureau of Investigation (CBI) has registered a case against a Delhi-based diamond jewellery exporter for an alleged bank loan fraud to the tune of Rs389.85 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 Rs389 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.