After Bank of Baroda (BoB) and PNB filed cases against Nirav Modi and Rotomac Global, 2 more cases of loan frauds involving Oriental Bank of Commerce (OBC) and Bank of Maharashtra (BoM) in the previous 3 days have been registered by CBI. After delaying a complaint from Oriental Bank of Commerce for almost 6 weeks, the CBI has submitted a case against the Delhi based jewelry outlet for alleged fraud of Rs 390 crore, days after the Rs 11,300 crore scam was revealed at the Punjab National Bank (PNB).
The CBI filed the situation on Thursday for investigating the Karol Bagh based Dwarka Das Seth International, interested in manufacturing/trading of stone, silver as well as gold jewellery, which availed many recognition amenities from OBC’s Greater Kailash II branch after 2007 by obtaining Foreign Letters of Credit (FLCs), overseas documentary bill purchases along with other instruments.
The s=recent case was registered almost after 6 weeks after OBC filed a criticism with the Central Bureau. The CBI has booked Krishna Kumar Singh, Sabhya Seth, Reeta Seth, Ravi Singh – directors of the International firm – and also named a second business, Dwarka Das Seth SEZ Incorporation, in the ongoing case.
Afraid of scrutiny in the wake of the Rs 11,400 crore monetary fraud by Nirav Modi and the situation against Rotomac Global for defrauding Rs 3,695 crore, banks are actually hurrying to the Central Bureau of Investigation (CBI) against several businessmen for defaulting on loans. Over the last couple of days, the CBI has gotten another 2 new issues in exactly the same bank account, including the 2nd situation in Punjab National Bank (PNB), which involve both loans which transformed into nonperforming assets (NPA) or maybe fraud which was committed many years before.
Following an internal inquiry, OBC had approached the CBI in August 2017 confessing one of the accused, Sabhya, might have fled the nation. The OBC criticism has alleged that Dwarka Das Seth International got loans by means of letters of credit along with other such recognition amenities for silver and gold jewelry export/import between 2007 as well as 2012 but failed to pay back again as well as the loans switched NPA in 2014.
The banking sector and auditing bodies are actually under severe stress observing the detection of loan frauds well worth Rs 11,400 crore by Punjab National Bank. 4 days after PNB complained of simply being allegedly defrauded by Nirav Modi, Bank of Baroda (BoB), that had given loans of Rs 3,695 crore to Rotomac with 6 various other banks and was negotiating with the organization for the return of its, had lodged a case with CBI also.
OBC has alleged it had been defrauded of Rs 390 crore by Delhi jeweler Dwarka Das Seth International and its proprietor Sabhya Seth. The loans switched NPA way back in 2014, but OBC approached CBI just on August sixteen 2017 after the business had folded up and Seth had fled the nation. The CBI registered an FIR on Thursday and has started tracing India based directors as well as partners of the business.
