Yet another absconding businessman who may have fled the country with bank loan outstanding.
Central Bureau of Investigation on Saturday said the directors of city-based jewellery outlet Dwarka Das Seth International had fled from India along with their family members sometime in 2014.
This came much before Oriental Bank of Commerce (OBC) approached the agency with a complaint of fraud worth Rs 390 crore against them.
Sources informed that they did not lodge the FIR immediately after the bank approached them with their complaint in August 2017.
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.
Sources, however, explained that the agency did immediately conduct a public scrutiny, especially against the alleged kingpin Sabhya Seth.
However, the matter had to be put on the back-burner after he and his accomplices could not be found at their respective addresses.
The disclosure of the timing when the scam happened suggests that the fraud was perpetrated before the Modi government took office.
CBI is now planning to approach Interpol for notices against all the accused
directors – Sabhya Seth, Reeta Seth.
CBI has often red-flagged rising cases of bank fraud and delay in identifying and reporting such frauds, which allows the borrowers to siphon off funds or flee before investigations are taken up.
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