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Three fresh cases of banking fraud reported

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  25 Feb 2018 12:00 AM GMT

New Delhi, Feb 24: Three fresh incidences of fincial fraud have come to light as the CBI filed cases against a jeweller, a businessman and a public servant on complaints by three different banks earlier this week, an official said on Saturday. On Thursday, the Central Bureau of Investigation (CBI) registered a case against Delhi’s Karol Bagh-based diamond jewellery exporting firm Dwarka Das Seth Intertiol for an alleged bank loan fraud of Rs 389.85 crore involving the Oriental Bank of Commerce. The CBI on Wednesday filed a case against businessman Amit Singla and others on a complaint of the Bank of Maharashtra for a loan through forged documents and its crimil misappropriation and use. The same day, the agency also filed a case against Inder Chand Chundawat, then Senior Branch Mager in the Punjab tiol Bank (PNB)’s Barmer office in Rajasthan, for abuse of his official position.

After the PNB and the Bank of Baroda filed cases against Nirav Modi and Rotomac Global, the Oriental Bank of Commerce, the Bank of Maharashtra and Barmer office of the PNB rushed to the CBI as well with their complaints of fraud, leading to the agency filing three separate cases. The Oriental Bank of Commerce has alleged that it was defrauded by Delhi jeweller Dwarka Das Seth Intertiol and its owner Sabhya Seth. The loans turned into non-performing assets (NPAs) way back in 2014, but the bank approached the agency on August 16 last year, after the company had folded up and Seth fled the country. The CBI has started tracing India-based directors and partners of the company.

The Oriental Bank of Commerce complaint has alleged that the Dwarka Das Seth Intertiol took loans by way of letters of credit and other such credit facilities for gold jewellery export/import between 2007 and 2012 but failed to pay back.

A probe by the bank found that the company had indulged in round-tripping of funds through fictitious companies abroad and had utilised funds by discounting bills based on the letters of credit of foreign banks, which were either non-existent or had negative ratings. Similarly, the Bank of Maharashtra has approached the CBI to lodge a loan default complaint against a Delhi businessman Amit Singla. The loan had turned into an NPA in 2013 and the bank has even sold a property kept as collateral to recover its dues, sources said. The Bank of Maharashtra’s FIR mes Singla, the proprietor of Delhi-based Ashirwad Chain Co, loan guarantor Roshan Lal Bhalotia, property valuation firm Tech Mach Intertiol and unknown officials of the bank.

Similarly, a commercial property owned by the accused at Chandni Chowk in Delhi was valued by Tech Mach at the time of disbursal of the loans at Rs 4.95 crore, but it was actually worth Rs 31 lakh only. Tech Mach was later removed from the panel of valuers by the bank. The FIR also alleged that Singla had submitted inflated stock audit reports and balance sheets, apart from diverting the loans to sister concerns. The PNB approached the CBI for a second time on Wednesday against one of its branch magers at its Barmer office in Rajasthan. (IANS)

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