India unearths 3 more financial fraud cases

New Delhi: Three fresh cases of financial fraud have come to light after the CBI filed cases against a jeweller, a businessman and a public servant on complaints by three different banks earlier this week, an official said on Saturday.

On Thursday, the Central Bureau of Investigation registered a case against diamond jewellery exporter Dwarka Das Seth International for an alleged bank loan fraud to the tune of Rs3.89 billion (Dh220 million) towards the Oriental Bank of Commerce.


The CBI on Wednesday filed a case against businessman Amit Singla and others on a complaint of Bank of Maharashtra for securing a loan on false representation by forging documents and its criminal misappropriation and use.

On the same day, it filed a case against Inder Chand Chundawat, then Senior Branch Manager in Punjab National Bank’s Barmer office, for abuse of official position.

Earlier, cases of major financial frauds worth Rs113 billion by diamantaire Nirav Modi and by Rotomac owner Vikram Kothar surfaced, in which the CBI has filed cases and effected several arrests.

Modi ‘most expensive watchman’

Senior Congress leader Kapil Sibal on Saturday slammed the Prime Minister’s silence on major banking scams unearthed in the country over the last few days and termed Narendra Modi the “most expensive chowkidar” in the world.

“Modiji used to give a statement everyday against the Congress when a (2G) scam worth Rs1.76 trillion was alleged during the UPA regime.

“That was a presumptive loss. Later, the court said there was no scam at all,” Sibal said while briefing the media here.

Referring to the banking frauds by diamond jeweller Nirav Modi (worth Rs113 billion) and others [Rotomac loan default worth over Rs30 billion] as “actual” losses, Sibal said: “Why is he [Prime Minister] silent now?”

Modi spoke about the bank fraud for the first time on Friday at the ET Global Business Summit saying government would take “stern action” against irregulaties.

“He [Narendra Modi] gets a house, a plane; he is the most expensive watchman in the world,” he added.

The former Union Minister said that the Prime Minister should explain why these scamsters “gained” while the nation faced losses under his watch.

“Several leaders in the Bharatiya Janata Party have connections with these scamsters, who have left the country,” he said.

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