The CBI has filed a case against a Delhi-based jewellery outlet for an alleged fraud of £39 million, after sitting on a complaint from Oriental Bank of Commerce for almost six months. The case was filed to probe Karol Bagh-based Dwarka Das Seth International, engaged in manufacturing/trading of diamond, gold, and silver jewellery that availed various credit facilities from OBC's Greater Kailash-II branch since 2007.
The business is run by Sabhya Seth, Reeta Seth, Krishan Kumar Singh, and Ravi Kumar, all of whom are mentioned in the FIR. After its own inquiry, the bank claimed that the people, along with their family members could not be traced at their residences for the last 10 months. The public sector bank had approached the CBI on August 16, last year with allegations against Dwarka Das Seth International. However, an FIR was registered just last week. In its complaint, the bank claimed that the business enjoyed various credit facilities, including foreign bill discounting under letters of credit (LC). They first began availing the facility in 2007, and bills were regularly realised before further bills were discounted. OBC said Sabhya was utilising the facility under LCs established by foreign banks abroad.
It said after cheating the bank, he formed a company in Dubai called Freya Trading Co. He even hired an Indian representative called Atul Kumar Garg.
