Latest


Delhi diamond exporter booked for Rs 389 crore Oriental Bank of Commerce loan fraud

  •   Sat, Feb 24 2018 09:47:18 AM

New Delhi, Feb 24 (PTI): After Nirav Modi and Mehul Choksi, the CBI has registered a case against a Delhi-based diamond jewellery exporter for an alleged bank loan fraud to the tune of Rs 389.85 crore towards Oriental Bank of Commerce. The CBI has booked Dwarka Das Seth International Pvt Ltd for the alleged fraud.

Six months after the public sector bank filed a complaint with the CBI, the agency booked 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.

The company has availed various credit facilities from OBC between 2007-12, which swelled to Rs 389 crore during the period. It was found by the bank that the company was using Letters of Credit (LoCs) 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, the bank complaint, now part of the CBI FIR, alleged.

The company was also engaging in business transactions with non-existent entities, it said.
  

Top Stories

Comment on this article

  • Roshan Patrao, Traffic Warden, Mangalore

    Sat, Feb 24 2018

    Post demonetisation the Chowkidar said that one of the intentions of demonetisation was to curb terror funding and terrorism, and our soldiers' lives are being sacrificed on average one per day. Now scams are unearthed almost everyday and he has just said "Government will not tolerate embezzlement of public money!" Can we believe that arrests and filing cases against defrauders will end up in convicting them and recovering the money?

    DisAgree [1] Agree [8] Reply Report Abuse

  • Ravi, mangalore

    Sat, Feb 24 2018

    Common Man taking Draft from bank also it will take two days.
    How it will Possible without order or instruction of higher political leader for LOU
    This people only giving crore rupees Donation to political leader .

    DisAgree [1] Agree [6] Reply Report Abuse

  • Ramesh S, MANGALORE

    Sat, Feb 24 2018

    ..learned economist Congressi MMS & their Rockstar RBI Governor Rajan was sitting on piles of Bank scams doing nothing for 10years..just 10 Indian companies NPA amount to 25% of National NPA!!..when MODI takes action they say BJP scams!!.

    DisAgree [9] Agree [7] Reply Report Abuse

  • kas, Mangalore

    Sat, Feb 24 2018

    It is not a BJP scams... but the truth is During 3.5 years BJP govt failed to identify BAD loans ... The Bad loans came to light only after the looters left the country ... If BJP had knowledge of these scams, then why BJP did not take any action against the looters fleeing the country ... OK now the looters have left the country ... Does MODI sarkar has the capacity to bring back the looters ... BIG NO ....

    DisAgree [6] Agree [12] Reply Report Abuse

  • Ravi, mangalore

    Sat, Feb 24 2018

    So many question on our mind
    Why bank not raised the question that time when Congress Govt.
    that time they not a defaulter or they pay on time.
    or BJP gave instruction this Much % give me and Escape from here.
    and after BJP Govt why they are outside from the country.

    DisAgree [1] Agree [10] Reply Report Abuse

  • kas, Mangalore

    Sat, Feb 24 2018

    Every thing is possible ... Find out when the loan became bad and default ... That is the crucial time , and what actions were taken by the bankers
    The public should know, what are the initial limits sanctioned, what are the securities taken, whether limits increased later, any extra securities taken or not ... So many factors to be considered before putting the blame ...
    Govts can be blamed, ONLY if they put pressure while approving the loans ...
    BUT MODI should take some responsibility, since he begged to appoint him as CHOWKIDAR and not as Prime Minister ...

    DisAgree [2] Agree [8] Report Abuse

  • SHEHENSHA, KARKALA

    Sat, Feb 24 2018

    HALF THE POPULATION OF INDIA WERE BORN AFTER MAY 2014.....
    THEY'RE ONLY CONCERNED IF THE EVENTS HAVE HAPPENED AFTER 2014...IF ANYTHING HAPPENED BEFORE 2014 THEN BLAME UPA OR ERROR 404 (NOT FOUND)

    Note: Thumb rule states the following:

    1- If anything good happens since 2014, appreciate Modiji;
    2- If anything bad happens, blame UPA;
    3- Year 2014 is important. Anything happens before or after 2014, play the card safely and ensure MODIJI is always right, even if he has committed blunder.

    DisAgree [3] Agree [11] Reply Report Abuse

  • Ramesh S, MANGALORE

    Sat, Feb 24 2018

    ..whats you opinion on above case,,MODI should be blamed or Congress..if Bank advanced loan to Nirav Modi in 2011 with political pressure, Directors of two banks resigned protesting sanction of loan, now loan snowballed into 11thsnd crores...vijay mallya/Lalit Modi/Nirav Modi didnt felt they cant continue with old tricks & ran away..isnt it good instead of furthering scams they ran way..as far as recovery is concerned, anything happening with Subrota roy, he still in India, in jail & SC itself investigating..how much they recovered!..there is need for changes in Justice system..otherwise Billions of 2G scam will be judged as no scam..

    DisAgree [7] Agree [2] Reply Report Abuse

  • SHEHENSHA, KARKALA

    Sat, Feb 24 2018

    ABOVE OR BELOW, ALL ARE CHORS ...BUSINESSMEN RULE INDIA...
    WE PEOPLE ARE FOOL DEFENDING THEM. BUT THE LEVEL OF DEFENDING FOR BJP/ MODIJI IS DAMN IMPRESSIVE !!
    VERY DIFFICULT TO GET SUCH HARDCORE FANS IN THIS ERA...
    SURELY JOBLESSNESS MAKES HARDCORE FANS !!

    DisAgree [2] Agree [5] Reply Report Abuse

  • Mohammed, Kundapur/Qatar

    Sat, Feb 24 2018

    instead of KYC, banks should start KOE campaign.
    how many more banks are going to expose, please be fast.
    everyone became bankrupt after 2014, because they believed in modi who said he will bring all black money and everyone will get 15 lakh rupees in their account.
    modi led tax departments ride all congress and opposition parties billaniors, but did they fail to raid all these people??? only modi responsible for all these frauds .

    DisAgree [5] Agree [7] Reply Report Abuse

  • Devkumar, Mangalore/New Delhi

    Sat, Feb 24 2018

    Mohammad..it's not at all your mistake...Lord Jesus crucified...Mahatna Gandhi killed..Mountbattan killed..Nelson Mandela kept 27 years in jail..because they are always telling the truth..even modiji not an exceptional. apne dil se poocho..

    DisAgree [4] Agree [5] Reply Report Abuse

  • Navin Shetty, Manipal/ Bahrain

    Sat, Feb 24 2018

    Ignore guys, the loan has been taken around 2007-12, what matters is 2014 onwards.

    DisAgree [10] Agree [4] Reply Report Abuse

  • Ramesh S, MANGALORE

    Sat, Feb 24 2018

    ..'The company has availed various credit facilities from OBC between 2007-12, which swelled to Rs 389 crore during the period'..all Congress era scamster feeling heat now..Congress didnt took any action, when MODI takes action they say BJP scam..is it ok to maintain satus quo & allow scam to go on indefinitely!!..

    DisAgree [8] Agree [2] Reply Report Abuse

  • Devkumar, Mangalore/New Delhi

    Sat, Feb 24 2018

    Historic judgement by Chinese Supreme Court..70 lac chinese bank and income tax defaulters cannot travel by bullet trains or board a flight until they pay there dues.
    They cannot even check in hotels or rent a room. 70 lac permanent identity number have been blocked by the supreme court of china.
    One of the most efficient ways to deal with rich and powerful 70 lac who have borrowed lacs of crores from banks and are not paying back.
    Same theory should be apply in india.

    DisAgree [3] Agree [9] Reply Report Abuse

  • kas, Mangalore

    Sat, Feb 24 2018

    It is not enough to say other countries are doing like this or that ... Modi sarkar should have done this long ago, without following china.... If the criminals are punished at the RIGHT TIME ... India will become a lovely place to live ...

    DisAgree [3] Agree [9] Reply Report Abuse

  • PEDDU, MANGALURU

    Sat, Feb 24 2018

    Poor tax payers of this country is not blessed with democrazy !! This is high profile drama covered in a dark tarpaulin and nothing will happen !! years passed by all the issues will be silenced and the offenders will be freed as the money is belongs to no one and one fine day to recover the loss all the tax payers money which is deposited in banks seized and given a certificate of "PATRIOT"

    DisAgree [1] Agree [4] Reply Report Abuse

  • Hussain, Abu Dhabi

    Sat, Feb 24 2018

    Unlucky he couldn't be a part of Loot and Scoot scheme from Jumla Party ....

    DisAgree [3] Agree [13] Reply Report Abuse

  • Ivar, Mangalore

    Sat, Feb 24 2018

    Congress was busy in their own ways of corrupt ways of making money throughout the 10 years while opportunist crooks were enjoying looting public money in their own ways.
    When a straight forward government is in place now, the skeletons starts falling off from the cupboard!!

    DisAgree [7] Agree [3] Reply Report Abuse

  • Moshu, Mangaluruuy

    Sat, Feb 24 2018

    Another abaconder on his way waiting for Bhrashta Party blessings.

    DisAgree [3] Agree [11] Reply Report Abuse

  • Devkumar, Mangalore/New Delhi

    Sat, Feb 24 2018

    A bank haa statuatory Audit...Internal audit...Concurent Audit.. Forsenic Audit..Quarterly SEBI results.. Tax Audit..Daily reporting to RBI.. Revenue Audit..RBI inspection.snd even Audit..for what are spending.so much money on audit..???
    All are involved in looting spree.. Earlier government many economists viz..MMS..silencer..Chiddu..Montek Singh Ahuliwala and many failed miseably in there efforts.

    DisAgree [16] Agree [9] Reply Report Abuse

  • HENRY MiSQUITH, Bahrain

    Sat, Feb 24 2018

    First time in 70 years under bluff master feku raj. Taxpayers are the real victims here.

    DisAgree [8] Agree [15] Reply Report Abuse

  • hemanth, Bangalore

    Sat, Feb 24 2018

    If you have brain then you can see scam happened between 2007-12 And Economist MMS was PM back then

    DisAgree [11] Agree [5] Reply Report Abuse

  • kas, Mangalore

    Sat, Feb 24 2018

    You are keeping your legs on two boats ... First you blamed the auditors and then the govts at the time of the loans .... We know bent tails can not be corrected ... When you have so much of knowledge about various types of audit, you should go one step further to find out when these loans became BAD and appeared in the list of DEFAULTERS ... That is the crucial time of pinning the responsibility ...

    DisAgree [4] Agree [9] Reply Report Abuse

  • Devkumar, Mangalore/New Delhi

    Sat, Feb 24 2018

    Dear brother hemanth...for godsake dont tell them anything..are already under water...hanging for survival now and then.

    DisAgree [9] Agree [6] Reply Report Abuse

  • Rathan, Mangalore

    Sat, Feb 24 2018

    Just note the timing of loans availed
    All khangress Ka zamane Ka

    DisAgree [21] Agree [11] Reply Report Abuse

  • kas, Mangalore

    Sat, Feb 24 2018

    We would like to know the definition of self proclaimed CHOWKIDAR .....
    Hope he is not sleepingdar ....

    DisAgree [5] Agree [15] Reply Report Abuse

  • Af,,, Mangalore

    Sat, Feb 24 2018

    Make banks only responsible for this, arrest the bank officials who have failed recover the loans within specified time,

    DisAgree [5] Agree [17] Reply Report Abuse

  • hemanth, Bangalore

    Sat, Feb 24 2018

    But if it happened after 2014 them Modi is responsible. Am I right AF?

    DisAgree [3] Agree [8] Reply Report Abuse

  • kas, Mangalore

    Sat, Feb 24 2018

    Modi is responsible for the run away of looters ... The officers, directors, auditors are responsible for not identifying the DEFAUT LOANS / BAD LOANS
    Why the loans are advanced without securities ?????

    DisAgree [5] Agree [12] Reply Report Abuse

  • hemanth, Bangalore

    Sat, Feb 24 2018

    Congress made so much scam that It's not easy to look through all scams in few years. I did not see any of your comments against congress who gave loan in 1st place. Modi govt look through these scams and now it's coming out.

    DisAgree [5] Agree [4] Report Abuse

  • kas, Mangalore

    Sat, Feb 24 2018

    Hemant.....do you know what is AUDIT ??????????
    If you have professional auditors, they can identify bad loans / default loans in no time .... Initiative is required to find out .. That is all..... I am not blaming any govt for these scams ... But I blame MODI since he specifically begged to appoint him as CHOWKIDAR ... Still it is not serious matter, since he promised so many things like bringing back BLACK money and giving 15 lakhs ...

    DisAgree [2] Agree [8] Report Abuse

  • Navin Shetty, Manipal/ Bahrain

    Sat, Feb 24 2018

    Exactly, you spoke on behalf of every single member of anti-Modi brigade. What a joke!

    DisAgree [3] Agree [5] Reply Report Abuse


Leave a Comment

Title: Delhi diamond exporter booked for Rs 389 crore Oriental Bank of Commerce loan fraud



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.

You might also like