The Central Bureau of Investigation (CBI) has issued lookout circulars against four directors of Delhi-based jeweller Dwarka Das Seth International who are accused in the alleged Rs 3.9-billion loan fraud at Oriental Bank of Commerce, officials said on Monday.
The four directors named as accused by the CBI in the case are — Sabhya Seth, Reeta Seth, Krishna Kumar Singh, and Ravi Singh, they said.
The circulars have been issued to restrict their movement, they said.
A lookout circular alerts all ports of entry to restrict the movement of the person against whom the notice has been issued and report any such attempt to the issuing agency. Also, it may seek detention of the accused at the port of entry.
Dwarka Das Seth International, its subsidiary Dwarka Das Seth SEZ Incorporation, and the four directors were booked by the agency based on a complaint of the bank.
Dwarka Das Seth International availed various credit facilities from Oriental Bank of Commerce between 2007 and 2012, which swelled to Rs 3.9 billion during the period.
It was found by the bank that the company was using letters of credit (LoCs) to pay off other creditors against the purchase of gold and other precious stone and transfer gold and funds outside the country using fictitious transactions, the bank complaint, now part of the CBI first information report, alleged.
The company was also engaging in business transactions with non-existent entities, it said.