The CBI on Saturday registered a case against Delhi-based jeweller Dwarka Das Seth International for an alleged fraud worth Rs 389.95 crore towards Oriental Bank of Commerce.
The CBI on Saturday registered a case against Delhi-based jeweller Dwarka Das Seth International for an alleged fraud worth Rs 389.95 crore towards Oriental Bank of Commerce.
The action was taken after it received a complaint by the Ashok Kumar Mishra, Assistant General Manager of Oriental Bank of Commerce.
The company is engaged in the business of manufacturing and trading export of gold, silver and diamond jewellery.
This comes days after billion dollar fraud was reported against jeweller Nirav Modi by the Punjab National Bank.
In the PNB scam, CBI has sealed the Mumbai branch of the bank till further notice. The closure of the branch comes close on the heels of raids conducted by the Enforcement Directorate on Sunday. ED conducted raids at 45 locations across 15 cities in connection with the PNB fraud. In West Bengal, six locations of Gitanjali and Nakshatra jewellery outlets were being searched in Kolkata.
The scam was detected when the PNB lodged two financial fraud complaints of Rs 11,400 crore and Rs 280 crore against Nirav Modi, his family members and Mehul Choksi, owner of Gitanjali Gems.
However, despite the massive crackdown, the officials have not been able to uncover the modus operandi used by Nirav Modi and his associates.
The three top arrested employees on Modi were also unable explain the investigators about the modus operandi used by their employer. The employers were unable to explain before the investigators the way Modi managed to get Letters of Undertaking and Foreign Letters of Credit from the PNB. However, CBI found that that Modi had managed top officers of PNB Head Office in Delhi and on regular basis used to send his senior employees for courtesy call.
The CBI has so far arrested Vipul Ambani, Vice President finance , Kavita Mankikar, Executive Assistant, and Arjun Patil senior executive of Firestar Diamond International Private Limited.
Ambani is a close relative of late Dhirubhai Ambani and is working in Firestar since 2013.
(With input from ANI)
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