Rahul Gandhi targets PM after yet another bank fraud comes to light

Simbhaoli Sugars Faced With CBI Probe Says Committed To Clear All Dues
Oriental Bank of Commerce filed a monitoring report against the company
Author

26 February, 2018

The Oriental Bank of Commerce had lodged complaint against Dwarka Das Seth International on August 16, 2017 but the CBI registered FIR on Thursday.

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.

Bank of Maharashtra lodges FIR with CBI against Delhi-based businessman Amit Singla & others, for a loan default.

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.

Hey, Morty! McDonalds' Szechuan Sauce will return on February 26
The McDonald's Szechuan Sauce was released in the late 1990s as a tie-in to Disney's Mulan . The next day, McDonald's had to offer fans an apology online.

FCC Starts Clock On Net Neutrality Repeal, Faces Lawsuits
Once published , Congress has a 60 day window to pass or defeat the measure before it becomes United States law. Connecticut Senator Richard Blumenthal is launching a statewide campaign to save net neutrality.

Minnows Rochdale Force Tottenham Into FA Cup Replay
Spurs could have been forgiven for believing they had their last-eight spot sewn up but Davies' late equaliser ensured otherwise. His effort, his sixth FA Cup goal in this year's competition, gave Michel Vorm no chance.

"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.


More news


  • Conte On Starting Willian Against Barca: I Made A Good Choice

    Conte On Starting Willian Against Barca: I Made A Good Choice

    Willian has recently returned to the starting line-up for Chelsea , and played a starring role against Barcelona during the week. After a positive showing against Barcelona , Conte and his men now prepare to face Jose Mourinho's Manchester United.
    The Dropbox IPO is finally happening

    The Dropbox IPO is finally happening

    Dropbox has become one of the leaders in business storage along with Google , Microsoft and Box but faces mounting competition. Still, revenue growth has slowed and the vast majority of its more than 500 million users don't pay.
    Arsenal v Ostersunds FK confirmed line-ups: Mkhitaryan and Welbeck start

    Arsenal v Ostersunds FK confirmed line-ups: Mkhitaryan and Welbeck start

    As dress rehearsals for cup finals go, this nearly bordered on a horror show which Arsenal managed to just about escape from. Ostersund fans before the Europa League match between Arsenal vs Ostersunds FK at the Emirates Stadium.
  • Charlotte Mayor to proclaim Friday Billy Graham Day

    Charlotte Mayor to proclaim Friday Billy Graham Day

    Please join us as we honour his life and ministry and proclaim the same Gospel he shared for almost 80 years, said Lee. Bush and his wife, Barbara Bush, would not be able to travel to Charlotte for Graham's funeral.
    Mark Cuban

    Mark Cuban "sick to my stomach" over abuse allegations by Mavs employees

    Yesterday we notified the league office and immediately hired outside counsel to conduct a thorough and independent investigation. Owner Mark Cuban was made aware of the situation and addressed the issue during a meeting with business-side employees this week.
    Trump blames Obama - again - for not doing enough about Russian meddling

    Trump blames Obama - again - for not doing enough about Russian meddling

    McMaster called the evidence of Russian interference in United States democratic processes "incontrovertible". President Trump didn't speak publicly about the bombshell indictment during his weekend away from Washington.
  • South Korea detains Canadian skier for drink driving stolen vehicle

    South Korea detains Canadian skier for drink driving stolen vehicle

    All three have been restricted from leaving South Korea , though their case will be expedited through the legal process. Raine also apologized for his " inexcusable actions ", saying that "words are not enough to express how sorry I am".
    Ex-49ers lineman's disturbing Instagram post might have led to school closing

    Ex-49ers lineman's disturbing Instagram post might have led to school closing

    Martin hasn't been in the National Football League since 2014, when he appeared in 15 games and started nine for the 49ers. ABC producer Matt Stone tweeted that Martin had been taken into custody, but Los Angeles Police Department Sgt.
    Futures point to higher open for Wall St

    Futures point to higher open for Wall St

    But analysts are more upbeat about the outlook for the region despite prospects of rising US inflation and rates. The Fed's projection on rate hikes came with the release Friday of its semi-annual monetary report to Congress.
  • Franklin Graham remembers dad, Rev. Billy Graham, on 'Today Show'

    Franklin Graham remembers dad, Rev. Billy Graham, on 'Today Show'

    For decades, Graham has made cameos in tunes across multiple genres, not just Christian music. "In Cleveland, we honored Dr". Graham will be buried next to his wife Ruth, who died in 2007, at the foot of the cross walkway at the Billy Graham Library.
    Pirates Acquire Dickerson From Rays

    Pirates Acquire Dickerson From Rays

    The outfielder/DH hit.282/.325/.490 with a career-best 27 home runs and 2.6 fWAR in 629 PA a year ago , making the All-Star game. MLB.com's Jesse Sanchez reports that the Rays have agreed to a one-year contract with free agent outfielder Carlos Gomez .
    'The Big Bang Theory' Books One Of Its Biggest Guest Stars Yet

    'The Big Bang Theory' Books One Of Its Biggest Guest Stars Yet

    If streaming is more your style, our 2018 Netflix premiere schedule could give you all the dates you need. For Gates, this won't be the first cameo in a TV sitcom.