Diamond exporter booked for loan fraud

New Delhi, February 24

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 Private Limited 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 availed various credit facilities from OBC between 2007-12, which swelled to Rs 389 crore during the period.

The company also engaged in business transactions with non-existent entities, the bank complaint said. — PTI