CBI books Delhi diamond exporter in fresh bank fraud case

New Delhi : 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.

The case has been registered against the company - Dwarka Das Seth International Pvt Ltd - after the public sector bank filed a complaint with the CBI.

The agency booked all its directors - Sabhya Seth, Reeta Seth, Krishna Kumar Singh, Ravi Singh.

As per complaint, the company has availed several credit facilities from the OBC Bank amounting to Rs Rs 389 crores between 2007-12.

It was found by the bank that the company was using Letters of Credit (LoCs) to pay off other creditors against the purchase of gold and other precious stone and transfer gold and funds outside the country using fictitious transactions, the bank complaint, now part of the CBI FIR, alleged.

It has also been revealed that the company was indulging in the business transactions with non-existent entities.