New Delhi, Feb 24: The Central Bureau of Investigation (CBI) on Friday booked Delhi-based jeweller Dwarka Das Seth International for an alleged fraud worth Rs 389.95 crore towards Oriental Bank of Commerce.
Six months after the public sector bank filed a complaint with the CBI, the agency registered a case against 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.
According to the reports, the company has availed various credit facilities from OBC between 2007-12, which swelled to 389 crore during the period.
It was found by the bank that the company was using Letters of Credit to pay off other creditors against the purchase of gold and other precious stones and transfer gold and funds overseas using fictitious transactions, the bank complaint, now part of the CBI FIR, alleged, news agency PTI reported.
This comes days after diamantaire Nirav Modi and his business partner Gitanjali Group chief Mehul Choksi were under the scanner for defrauding Punjab National Bank of Rs 11,400 crore.