Oriental bank files plaint of loan fraud; against Delhi based jeweller

fraud gained prominence after multi-crore Nirav Modi-Punjab National Bank scam that was reported earlier this month

Oriental bank files plaint of loan fraud; against Delhi based jeweller

Amid concerns on number of defaults in major banks, the Central Bureau of Investigation (CBI) has registered yet another case of loan fraud.

This time against a New Delhi-based jewellery outlet Dwarka Das Seth International.

According to information received, the Oriental Bank of Commerce (OBC) has alleged a loan fraud of Rs 389.95 crore against the owner of Dwarka Das Seth International.

The fraud gained prominence after multi-crore Nirav Modi-Punjab National Bank scam that was reported earlier this month.

According to the Oriental Bank officials, jeweller and owner of the outlet Sabhya Seth, along with other directors of the company, have been untraceable for the past 10 months.

Reportedly, the firm availed various credit facilities from the OBC’s GK-II branch since 2007 by getting Foreign Letters of Credit (FLCs), foreign documentary bill purchase and other instruments.

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