CBI issues LOCs against diamond jewellery export firm directors

CBI issues LOCs against diamond jewellery export firm directors

Published
Hot News
1 min read
CBI Headquarters. (File Photo: IANS)
i
New Delhi, Feb 26 (IANS) The CBI has issued Look Out Circulars (LOCs) against the directors of Delhi-based Dwarka Das Seth International regarding its ongoing probe into a loan fraud case totalling Rs 389.85 crore in the Oriental Bank of Commerce (OBC).A Central Bureau of Investigation (CBI) source privy to the investigations said that the agency issued LOCs against Sabhya Seth, Reeta Seth, Krishna Kumar Singh, Ravi Singh -- the directors of the diamond jewellery exporting firm in Karol Bagh. The agency had registered a case after OBC filed a complaint on August 16 last year regarding its bad loans or non-performing assets (NPAs) of 2014 after the company folded up and Seth fled the country.The CBI has begun efforts to trace the India-based directors and partners of the company.The bank complaint had alleged that Dwarka Das Seth International took loans through letters of credit and other facilities for gold jewellery export/import between 2007 and 2012 but failed to pay back the money.A bank probe found that the company indulged in round-tripping of funds through fictitious companies abroad and utilised funds by discounting bills based on letters of credit of foreign banks, which were either non-existent or had negative ratings.--IANSaks/tsb/bg

(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)

(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)

(The Quint is available on Telegram. For handpicked stories every day, subscribe to us on Telegram)

We'll get through this! Meanwhile, here's all you need to know about the Coronavirus outbreak to keep yourself safe, informed, and updated.

Liked this story? We'll send you more. Subscribe to The Quint's newsletter and get selected stories delivered to your inbox every day. Click to get started.

The Quint is available on Telegram & WhatsApp too, click to join.

Stay Updated

Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.

Join over 120,000 subscribers!