CBI books Delhi diamond exporter in fresh bank fraud case

  • CBI books Delhi diamond exporter in fresh bank fraud case

CBI books Delhi diamond exporter in fresh bank fraud case

The CBI had earlier booked a Delhi-based jewellery exporter and his business partners on charges of cheating the bank of ₹ 389 crore. The CBI has booked Sabhya Seth, Reeta Seth, Krishna Kumar Singh, Ravi Singh directors of the firm and named a second company, Dwarka Das Seth SEZ Incorporation, in the case.

Yet another bank scam surfaced on Sunday with the Central Bureau Investigation (CBI) registering a case against the chief managing director and other top officials of Simbhaoli Sugars mill for defrauding the Oriental Bank of Commerce (OBC) of Rs 200 crore.

As per the CVC guidelines, the probe agency is supposed to register an FIR immediately in cases of frauds on public sector banks involving Rs one crore and above. The properties, at the time of taking the loan, were valued at over Rs 18 crore by Tech Mach International.

The account turned NPA on March 31, 2015 and was declared alleged fraud by the bank to RBI on May 13, 2015 for an amount of Rs 97.85 crore.

According to the FIR, in addition to the existing NPA, the bank sanctioned another corporate loan of Rs 110 crore to the company on January 28, 2015, to pay its outstanding loan of Rs 97.85 crore, and adjusted the total liability of Rs 112.94 crore towards the company by way of deposit of this new corporate loan. The loan had turned into an NPA in 2013 and the bank has even sold a property kept as collateral to recover its dues, sources said.

According to a report, the Uttar Pradesh-based sugar distillery had recently reported a net loss of Rs 74.98 crore in the last quarter of 2017, which was followed by a loss of Rs 19.09 crore in the quarter that ended in December 2016. Chundawat allegedly siphoned off money from government schemes and put it in the accounts of fictitious persons causing a loss of over Rs 2 crore. One of the properties, a double-storied house owned by Roshan Lal in Rohtak, Haryana, was valued at Rs 4.85 crore while sanctioning the loan.

In a bid to recover the dues, the bank had also approached the buyers, including Devi Jewells, Mannat FZE and PlatDiam International, but without any success. In the complaint, the Bank of Maharashtra said: "The overvalued valuations were deliberately given in connivance with the borrowers and the guarantors ... to fraudulently induce the bank to finance the borrower". It is also listed on the Bombay Stock Exchange.