Three more cases of banking fraud reported

26 February, 2018, 07:07 | Author: Andrea Terry
  • The latest FIR comes close on the heels of the case against diamantaire Nirav and his uncle Mehul Choksi in a Rs 11,394.02 crore bank fraud towards Punjab National Bank. Image courtesy twitter

Previously, as initially reported by TOI, CBI submitted a case to probe Rs 390 crore scams devoted with OBC by Karol Bagh based Dwarka Das Seth International diamond trader Sabhya Seth and partners. "CBI has often red-flagged rising cases of bank fraud and delay in identifying and reporting such frauds, which allows the borrowers to siphon off funds or flee before investigations are taken up".

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.

Sources say that CBI director Alok Kumar Verma has asked his officers not to sit on complaints on bank frauds and immediately register an FIR. The same day, the agency also filed a case against Inder Chand Chundawat, then Senior Branch Manager in the Punjab National Bank (PNB)'s Barmer office in Rajasthan, for abuse of his official position.

Using the same modus operandi like the one used by celebrity jeweller Nirav Modi and his uncle Mehul Choksi to get Letter of Credit (LoC) from PNB, the accused involved in the OBC fraud availed credit facilities to the tune of Rs 389.85 crore with the help of some bank officials.

In the first information report (FIR), the investigative agency named the firm, which is one of India's largest sugar makers, its chairman and managing director, chief executive officer, chief financial officer and directors for allegedly defrauding the bank.


It was further alleged that in addition to the existing NPA (March 31, 2015), the bank, under multiple banking arrangements sanctioned another corporate loan of Rs 110.00 crore to the sugar company on January 28, 2015, to pay its outstanding loan of Rs 97.85 crore. Jeweler Dwarkadas Seth has cheated Oriental Bank of Commerce.

Similarly, Bank of Maharashtra approached CBI to lodge a loan default complaint against Delhi businessman Amit Singla.

According to the FIR, OBC sanctioned a loan of Rs 148.60 crore to the company in 2011. When the bank sold it off to recover its dues, it fetched only Rs 73 lakh.

While the bank declared a fraud of Rs 97.85 crore, the actual loss incurred was Rs 109.08 crore, according to the FIR. The second loan was declared NPA (non-performing asset) on November 29, 2016, almost three weeks after demonetisation of Rs 1,000 and Rs 500 notes was announced.

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