26 February, 2018
Days after the PNB loan fraud, the biggest in India, a case has been filed by the CBI against another diamond merchant.
He said the promoter of Dwarka Das Seth International, who was booked by the CBI for an alleged fraud of Rs 389.85 crore towards Oriental Bank of Commerce, operated with the same modus operandi of fake LoUs as Nirav Modi. A retired CBI officer said, "OBC should have approached CBI in 2014 itself when the account of Dwarka Das Seth International was declared non-performing asset (NPA) and owners were untraceable".
The OBC was hit by the disclosure of Rs 390-crore scam on Saturday involving a Delhi-based diamond jewellery exporter in bank loan fraud.
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Simbhaoli Sugars Limited is one of the largest sugar mills in the country. The bank, which had the last contact with Sabhya Seth in March 2014, has claimed that he availed credit facilities between 2007 and 2012 in the form of Letters of Credit (LC) for making payments to other trade creditors against the purchase of gold and other precious stones.
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"The corporate loan, too, turned NPA on November 29, 2016", Dayal said. The bank alleged that the sugar refiner "dishonestly and fraudulently diverted" a Rs 1.48-billion-loan sanctioned in 2011 for financing cane farmers for private use, a statement issued by CBI said.
The bank in its investigation found that the accounts of the farmers were also declared as NPA on March 31, 2015 in accordance with the prudential norms.
Ghaziabad-based Simbhaoli Sugars, its directors, CEO, CFO, unknown bank officials and other private persons have been booked by the agency on charges of cheating, criminal conspiracy and under sections of the Prevention of Corruption Act. This resulted in outstanding loan of Rs. 97.85 crore (as alleged fraud) and fresh corporate loan of Rs 109.08 crore. Tech Mach was later removed from the panel of valuers by the bank.
While the bank declared a fraud of Rs 97.85 crore, the actual loss incurred was Rs 109.08 crore, according to the FIR.
The investigation agency has filed two FIRs against Inder Chand Chundawat, former senior branch manager at PNB's Barmer branch.