After, PNB and BoB, Oriental Bank hit by Rs390-cr loan fraud

The complaint was filed before the CBI six months ago and it was only when bank officials asked them to look into the matter, the agency booked the company and the directors of the firm - Sabhya Seth, Reeta Seth, Krishna Kumar Singh and Ravi Singh - and another company named Dwarka Das Seth SEZ Incorporation.

The lender, Oriental Bank of Commerce, complained to the CBI on November 17, 2017, but the agency registered a case of criminal conspiracy and cheating under the Prevention of Corruption Act on February 22.

The Central Bureau of Investigation (CBI) has filed a case against Delhi diamond exporter for an alleged banking fraud case of Rs 389.85 crore towards Oriental Bank of Commerce.

This new bank fraud has surfaced after over Rs 10000 crore scam was unearthed at the Punjab National Bank (PNB), which involves celebrity jewller Nirav Modi, his family members and Mehul Choksi, owner of Gitanjali Gems. The loans turned into NPAs way back in 2014, but the bank approached the agency on August 16 past year, after the company had folded up and Seth fled the country.

The action was taken after it received a complaint by the Ashok Kumar Mishra, Assistant General Manager of Oriental Bank of Commerce.

Similarly, Bank of Maharashtra approached CBI to lodge a loan default complaint against Delhi businessman Amit Singla.

More news: Barclays swings to £1.9bn loss, investment bank profits tumble

Officials said that the Bank sanctioned a loan amounting to Rs 148.60 crore in 2011 to the private company for financing individual, Joint Liability Groups, Self-Help Groups under the tie-up arrangement under the Reserve Bank of India (RBI) scheme to 5,762 sugarcane farmers supplying sugar produce to said private company during the period from 15 January to 13 March, 2012.

Surprisingly, in addition to existing NPA, OBC, under several banking plans approved another business loan of Rs 110 crore to Simbhaoli In January 2015 to pay its exceptional loan of Rs 97.85 crore.

"The corporate loan, too, turned NPA on November 29, 2016", Dayal said.

The account was declared NPA on March 31, 2015.

The bank also wrote to Al-Salam Jewellery of Dubai for clearing Rs83.28 crore in bills. This resulted in outstanding loan of Rs. 97.85 crore (as alleged fraud) and fresh corporate loan of Rs 109.08 crore. When the bank sold it off to recover its dues, it fetched only Rs 73 lakh.

(Copyright © 2015. All Rights Reserved.)

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