NEW DELHI: The Central Bureau of Investigation has tracked down the relatives of a Karol Bagh-based jewellery exporter who, along with his business partners, allegedly cheated the Oriental Bank of Commerce of ₹389.85 crore. The alleged mastermind is suspected to have fled abroad.
“We have located accused Reeta Seth, the mother of main accused Sabhya Seth, and his wife Punita. The FIR names Reeta as an accused,” said an official. The agency has issued look-out and diffusion notices against the other accused persons.
The CBI registered the case on February 22, naming Dwarka Das Seth International Private Limited, its associate concern Dwarka Das Seth SEZ India Incorporation, proprietor Sabhya Seth and other directors — Reeta Seth, Krishna Kumar Singh and Ravi Kumar Singh — as accused. Bank officials are also under the scanner.
The accused had availed of credit facilities between 2007 and 2012. They used the bank Letters of Credit (LoC) to pay off other trade creditors against the purchase of gold and other precious stones, transferred the gold and funds abroad using fictitious trade transactions and then paid off the LoC liabilities using them.
The bank suspects that they also indulged in round-tripping of funds to increase their worth and get more credit facility.
