Banks get tough, 3 fraud cases registered with CBI in a week

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

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 CBI on Saturday said the directors of city-based jewellery outlet Dwarka Das Seth International had fled from India along with their family members sometime in 2014, much before Oriental Bank of Commerce (OBC) approached the agency with a complaint of fraud worth Rs 390 crore against them. The CBI has registered a case against Dwarka Das Seth International for alleged fraud. The business moved diverted the funds from the Escrow account to other accounts preserved by it with SBI, Punjab National Bank and UCO Bank through RTGS. The police has registered a case against several top officials of Simbhaoli Sugar, including its chairman and managing director, chief executive and chief financial officer, some unknown bank officials, and other private persons.

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

Further the FIR stated that the bank then sanctioned another corporate loan of Rs 110 crore to Simbhaoli Sugars on January 28, 2015, to pay its outstanding loan of Rs 97.85 crore. The second corporate loan, too, was declared an NPA in November 2016.

The various credit facilities company had availed from OBC between 2007 and 2012 swelled to Rs 389 crore during the period. Of this, Rs 97.85 crore was declared non-performing asset (NPA). In all, Chundawat siphoned off Rs 1.57 crore. The bank alleged that Ashirwad Chain Co-Proprietor Amit Singla took a loan of Rs 9.5 crore and, in connivance with valuers, showed inflated prices of the collateral deposited against the loan.

According to a report, the Uttar Pradesh-based sugar distillery had recently reported a net loss of Rs 74.98 crore in the last quarter of 2017, which was followed by a loss of Rs 19.09 crore in the quarter that ended in December 2016. When the bank sold it off to recover its dues, it fetched only Rs 73 lakh.

The bank in its investigation found that the accounts of the farmers were also declared as NPA on March 31, 2015 in accordance with the prudential norms. Tech Mach was later removed from the panel of valuers by the bank.

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