Look out notices for top Dwarka directors

NEW DELHI: The CBI has issued lookout circulars against four directors of Delhi-based jeweller Dwarka Das Seth International Pvt Ltd who are accused in the alleged Rs 389.85-crore loan fraud at Oriental Bank of Commerce, officials said on Monday.

The four directors of the company named as accused by the CBI in the case are -Sabhya Seth, Reeta Seth, Krishna Kumar Singh and Ravi Singh, they said. Dwarka Das Seth International Pvt Ltd availed of various credit facilities from OBC between 2007 and 2012, which swelled to Rs 389 crore 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 stones and transfer gold and funds outside the country using fictitious transactions, the bank complaint, now part of the CBI FIR, has alleged. The company was also engaging in business transactions with non-existent entities, it said.

9,500 NBFCs ARE IN THE HIGH RISK BLACKLIST: The government has categorised about 9,500 non-banking financial companies in the country as "high risk" prone as they have not complied with a stipulated provision of the Anti-money laundering law. The list has been published by the Financial Intelligence Unit that works under the Union Finance Ministry to check crimes in the Indian economy and alert enforcement agencies against such instances. The list, containing the names of the firms, has been updated till January this year.