After Nirav Modi, another diamantere booked for Rs 389.85 cr fraud

Delhi Diamond Exporter Booked For Rs 389 Crore Oriental Bank of Commerce Loan Scam

Singla's company Aashirwad Chain Co. had obtained a loan of Rs 9.5 crore from the bank.Case had filed against him for securing a loan on the false representation by forging documents and its criminal misappropriation and use. Acting on complaints by three different banks, the investigative agency has registered three cases of financial fraud within a week against a jeweller, a businessman, and a public servant.

THE Central Bureau of Investigation (CBI) has registered a case against top officials of Simbhaoli Sugars Ltd - one of the largest sugar mills in the country - including its Deputy General Manager Gurpal Singh, who is the son-in-law of Punjab Chief Minister Captain Amarinder Singh, for alleged bank loan fraud of Rs 97.85 crore and default of Rs 110 crore. In the complaint filed with the CBI, the bank claimed that Dwarka Das Seth International enjoyed various credit facilities.

The OBC was hit by the disclosure of Rs 390-crore scam on Saturday involving a Delhi-based diamond jewellery exporter in bank loan fraud. The bank in its complaint said that jewellery firm's directors and their family members could not be traced at their residences for the last 10 months.

The bank's Hapur branch paid out loans to 5,762 farmers in between January and March 2012 amounting to Rs 148.59 crore.

The investigation conducted by the bank found that the company used the letter of credit to pay for the purchase of gold and other precious gems. Another ₹390 crore OBC (Oriental Bank of Commerce) scam has also emerged. In all, Chundawat siphoned off Rs 1.57 crore. The second corporate loan, too, was declared an NPA in November 2016.

In a bid to recover the dues, the bank had also approached the buyers, including Devi Jewells, Mannat FZE and PlatDiam International, but without any success.

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. During the visit to the shady area where the people lived one of the biggest questions that arise was that how the bank passed 100s of crores of loans without checking the profile of the customer. They then went missing, prompting banks to move the Debt Recovery Tribunal and also got some collateral assets liquidated.

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