Bank scams: Three fresh cases of financial fraud reported

Oriental Bank of Commerce. Image for representation

Besides the company, Directors Sabhya Seth, Reeta Seth, Krishna Kumar Singh, Ravi Singh and another company Dwarka Das Seth SEZ Incorporation are named in the FIR. The company availed various credit facilities from the bank between 2007 to 2012, which swelled to around 390 crores during the period.

Meanwhile, 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 nationalised bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank.

The CBI filed the case on Thursday to probe Karol Bagh-based Dwarka Das Seth International, engaged in manufacturing/trading of diamond, gold and silver jewellery, which availed various credit facilities from OBC's Greater Kailash-II branch since 2007 by getting Foreign Letters of Credit (FLCs), foreign documentary bill purchase and other instruments. 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.

A probe by the bank found that the company had indulged in round-tripping of funds through fictitious companies overseas and had utilised funds through discounting bills issued under letters of credit of foreign banks which were either non-existent or had negative ratings.

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The bank alleged that proprietor Mr. Sabhya Seth had orchestrated an elaborate plan for duping the bank. The bank claimed in its complaint that Dwarka Das Seth International enjoyed various credit facilities including foreign bill discounting under letters of credit (LCs). The company was also dealing with some companies which are not in existence.

However, the accused managed to get extensions without any receipt of payments from the buyers located overseas under various pretexts.

The bank also wrote to Al-Salam Jewellery of Dubai for clearing Rs83.28 crore in bills.

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