ICICI Bank files fraud case against Shrenuj promoters

NEW DELHI/MUMBAI: ICICI Bank Ltd has moved a US court against 11 executives of Mumbai-based diamond company Shrenuj and Co. for allegedly defrauding the bank, and has sought to recover over $12 million (around ₹88.50 crore) from them, besides interest and legal fees.

The bank’s petition filed on October 4 said Mumbai-based Shrenuj—which is currently undergoing insolvency resolution—diverted funds through its US subsidiary Simon & Golub & Sons (SG), and shell companies in the UAE.

ICICI Bank, through its New York branch, filed the case in Southern District Court of New York, under the Racketeer Influenced and Corrupt Organization (RICO) Act against promoter Vishal Doshi and 10 other executives from Shrenuj and other companies with which it had related party transactions.

“The defendants (11 executives), acting in concert as co-conspirators, engaged in repeated RICO violations in a pattern of racketeering and fraudulent activities spanning the globe from India to the US to the UAE,” said the bank in its petition filed through its law firm Sabharwal & Finkel Llc.

has reviewed a copy of the complaint filed by ICICI Bank.