CBI sits on Oriental Bank of Commerce complaint for six months, acts after Nirav Modi scam

NEW DELHI: 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 for alleged fraud of Rs 390 crore, days after the Rs 11,300 crore scam was unearthed at the Punaj National Bank (PNB).
The CBI filed the case on Thursday to probe Karol Bagh-based Dwarka Das Seth International, engaged in production/buying and selling of diamond, gold and silver jewellery, which availed more than a few credit amenities from OBC's Greater Kailash-II branch since 2007 by way of getting Foreign Letters of Credit (FLCs), overseas documentary invoice acquire and different tools.

The corporate is run by way of Sabhya Seth and Reeta Seth — each citizens of Punjabi Bagh — and Krishan Kumar Singh and Ravi Kumar Singh, citizens of Sarai Kale Khan. The FIR names all of them.

The bank, after its own inquiry, claimed that Sabhya Seth and different administrators at the side of their members of the family may no longer be traced at their residences for the remaining 10 months. It is suspected Sabhya Seth may have fled India.

The public sector bank had approached the CBI on August 16, 2017 with allegations against Dwarka Das Seth International but an FIR was registered only on Thursday. The bank claimed in its complaint that Dwarka Das Seth International loved more than a few credit amenities together with overseas invoice discounting under letters of credit (LCs). They first began availing this facility in 2007 and expenses were continuously realised sooner than further expenses were discounted.

Sabhya, OBC says, was utilising this facility under LCs established by way of overseas banks abroad. Some of these banks were poorly rated.


After cheating the bank, in step with OBC, Sabhya shaped a company in Dubai called Freya Trading Co. He even hired an Indian consultant called Atul Kumar Garg. TOI spoke to Garg, who claimed he had no longer been in contact with Sabhya Seth for the previous four years.


“I had done some trade with him years ago but I have no idea where he's now. I've not anything to do with him,” Garg stated.


Seth and different administrators' location is unknown for now. When TOI reached a Dubai number, allegedly belonging to Sabhya, one Alam picked up and stated he did not know of anybody by way of that name.


CBI sits on Oriental Bank of Commerce complaint for six months, acts after Nirav Modi scam CBI sits on Oriental Bank of Commerce complaint for six months, acts after Nirav Modi scam Reviewed by kailash soni on February 24, 2018 Rating: 5
Powered by Blogger.