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Another PNB scam: After Nirav Modi, Rs 6.2 mn Mudra loan fraud reported

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After PNB, Rs 3.9-bn Oriental Bank of Commerce scam hits banking sector

The lender alleged that Dwarka Das Seth International cheated the bank using Letters of Credit

Nirav Modi Scam At Pnb

Somesh Jha  |  New Delhi 

Another alleged fraudulent loan scam, involving Rs 3.90 billion, has emerged in the jewellery sector.

The Central Bureau of Investigation (CBI) has registered a case against a Delhi-based jeweller on a complaint from government-owned Oriental Bank of Commerce (OBC). The lender has alleged the firm, Dwarka Das Seth International, cheated the bank with the help of some of its officials, using Letters of Credit (LCs) — a banking instrument similar to those used by a group of companies belonging to Nirav Modi and Mehul Choksi to allegedly defraud Punjab National Bank of Rs 114 ...

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First Published: Sat, February 24 2018. 11:04 IST