Yesterday, the CBI registered a case against Dwarka Das Seth International Pvt Ltd., (DDSI) based on a complaint from Oriental Bank of Commerce (OBC.) The DDSI deals with trading and manufacturing of diamonds, gold and silver jewellery. The OBC in the complaint stated DDSI took loans by Letters of Credit (LoC) and other means for gold imports and exports between 2007 and 2012. OBC further added DDSI failed to repay the loan amount of Rs. 389.85 crores.
It is said OBC approached the CBI in August last year claiming one of the accused, Sabhya Seth fled India. The OBC said, “We feel that Shri Sabhya Seth of M/S Dwarka Das Seth International Pvt Ltd had orchestrated an elaborate plan to dupe the bank.” The CBI in the case, booked the directors of the DDSI Sabhya Seth, Krishna Kumar Singh, Reeta Seth and Ravi Singh along with another company Dwarka Das Seth SEZ Incorporation.
