Another Bank Fraud, Diamond Trader Scams Oriental Bank Of Commerce Of 390 Crore Rupees

| February 24 , 2018 , 16:39 IST

After the Punjab National Bank fraud, the Central Bureau of Investigation has registered another case on Thursday against a Delhi- based diamond trader for an alleged fraud of Rs 389.85 crores from the Oriental Bank of Commerce’s Greater Kailash-II branch.

CBI has booked Dwarka Das Seth International Pvt Ltd for the alleged fraud and filed an FIR against Sabhya Seth and Reeta Seth (owners of the company) and Krishan Kumar Singh and Ravi Kumar Singh.

The investigation conducted by the bank found that the company used the letter of credit (LCs) to pay for the purchase of gold and other precious gems. The company sent gold and money out of the country using fake transactions. CBI's FIR is primarily based on the bank's complaint. The company was also dealing with non-existent entities.

ALSO READ: Upon Receiving Two Complaints, CBI Probes Nirav Modi's Transactions Worth Rs 100 Billion

As per reports, the bank had sent its complaint to the CBI six months ago but the agency only filed the FIR in the aftermath of the multi-crore bank fraud committed by Nirav Modi and Mehul Choksi.

Rahul Gandhi attacking current ruling BJP government over several bank fraud scams coming up tweeted.