Delhi’s famous Dwarka Das Seth Jewellers booked for Rs 389.85 crore bank fraud

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The Hush Post: Six months after a PSU bank, the Oriental Bank of Commerce (OBC), bank filed a complaint with the CBI, Delhi’s famous Dwarka Das Seth Jewellers has been booked for an alleged fraud of Rs 389.85 crore. The CBI has booked Dwarka Das Seth International Pvt Ltd and the directors of the company — Sabhya Seth, Reeta Seth, Krishna Kumar Singh, Ravi Singh – and another company named Dwarka Das Seth SEZ Incorporation. Delhi’s Dwarka Das Seth Jewellers booked for Rs 389.85 crore bank fraud The company availed various credit facilities from OBC between 2007-12, which swelled to Rs 389 crore and were not paid back. 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 stones. The company transferred gold and funds outside the country using fictitious transactions, the bank complaint, now part of the CBI FIR, alleged. According to the complaint, the company also showed business transactions with non-existent entities. With its headquarter in Karol Bagh, the company is engaged in sourcing, exporting, importing, wholesaling and retailing of various forms of precious jewellery.

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