CBI books Delhi-based diamond trading firm for bank fraud

The CBI has registered an FIR against a Delhi-based diamond trading company, SSK Trading Pvt. Ltd., and its directors for Rs 187-crore fraud in Punjab National Bank, which was reeling under losses incurred due to a USD 2 billion fraud committed by jewellers Nirav Modi and Mehul Choksi in a separate case.

The company, its directors Surender Kumar Bansal and Shefali Bansal, having showroom in Chandni Chowk, have been booked by the CBI under the Prevention of Corruption Act, the officials said.

A consortium of six banks, with PNB as the lead bank, sanctioned credit facilities worth Rs 163 crore, with PNB having an exposure of Rs 55 crore, to the company in 2013, they said.

The other banks of the consortium were Central Bank of India, Andhra Bank, Syndicate Bank, Bank of Baroda and Oriental Bank of Commerce.

The loan became non performing asset (NPA) on June 30, 2014, they said.

The total value of loans went up due to non-payment of interests.

The assets hypothecated against the loan were removed and disposed by the accused persons, the FIR alleged.