Delhi diamond exporter booked for Rs.389-crore OBC loan fraud

CBI has registered a case against a Delhi-based diamond jewellery exporter for an alleged bank loan fraud to the tune of around 390 crore rupees towards Oriental Bank of Commerce. Dwarka Das Seth International Private Limited has been booked by the agency for the alleged fraud. Six months after the public sector bank filed a complaint with the CBI, the agency booked all directors of the firm and another company named Dwarka Das Seth SEZ Incorporation. The company availed various



credit facilities from the bank between 2007 to 2012, which swelled to around 390 crores during the period.

According to the bank complaint, the company was using Letters of Credit to pay off other creditors against the purchase of gold and other precious stone and transfer gold and funds outside the country using fictitious transactions. It said the company was also engaging in business transactions with non-existent entities.