Three fresh cases of financial fraud have come to light after the CBI filed cases against a jeweler, a businessman and a public servant on complaints by three different banks earlier this week, an official said on Saturday.
The Central Bureau of Investigation has actually submitted a case versus Bombay Stock Exchange noted- Simbhaoli Sugars Limited, among the biggest sugar refining business- for supposedly cheating Oriental Bank of Commerce of Rs 109 crore in 2011 on the pretext of funding sugarcane farmers.
Once again, like Dwarka Das scams, CBI did not act upon OBC's problem for 3 months in Simbhaoli's scams although the bank approached the main company asking to sign up a case on November 17, 2017.
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.
As per the MoU, out of the sugarcane price to be paid by Simbhaoli Sugars to the farmers, loan liabilities were to be adjusted and the remaining amount was to be paid by the company to the farmers, said the FIR.
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The Oriental Bank of Commerce complaint alleged that the Dwarka Das Seth International took loans by way of letters of credit and other such credit facilities for gold jewellery export/import between 2007 and 2012 but failed to pay back.
The account was declared NPA on March 31, 2015. Chundawat allegedly siphoned off money from government schemes and put it in the accounts of fictitious persons causing a loss of over Rs 2 crore.
Rotomac Global director Vikram Kothari and his son Rahul have been sent to CBI remand for 11 days for further interrogation in connection with the alleged R3,695-crore wilful loan default case.
In a bid to recover the dues, the bank had also approached the buyers, including Devi Jewells, Mannat FZE and PlatDiam International, but without any success. The Bank of Maharashtra's FIR names Singla, the proprietor of Delhi-based Ashirwad Chain Co, loan guarantor Roshan Lal Bhalotia, property valuation firm Tech Mach International and unknown officials of the bank. "The corporate loan, too, turned NPA on November 29, 2016, thus resulting in its first outstanding loan of Rs 97.85 crore (as alleged fraud) and the fresh corporate loan of Rs 109.08 crore (as fresh outstanding)", the FIR added.