Another banking scam hits Indian banking system as diamond firm owned by Gujarati brothers default IDBI bank with Rs. 6,710 crore, biggest since since Nirav Modi


In what looks like another huge banking scam, a diamond firm owned by three Gujarati businessmen Kirtilal R. Sanghavi, Chandrakant R. Sanghavi and Rameshchandra R. Sanghavi has reportedly defaulted on LIC-owned IDBI bank with a whopping Rs. 6,710 crore. The latest default is being described as the biggest since Gujarati businessmen Nirav Modi and Mehul Choksi defrauded Punjab National Bank with Rs. 14,000 crore of loans. Both later fled India.

According to news agency IANS, the outstanding amount owed by Sanghavis comprises a significant foreign currency component of more than $161,000, or roughly Rs 1.20 crore.

The revelation comes at a time when the government-owned IDBI is busy preparing launching its IPOs next year.

The company having defaulted on its loans is Sanghavi Exports International Pvt Ltd with Sanghavis being their three prominent directors. Other key promoters, guarantors and directors named in Sanghavi Exports International Pvt Ltd and its associate companies are Kalpesh V. Sanghavi, Jayesh V. Sanghavi, Ketankumar V. Sanghavi, Virendrakumar K. Sanghavi, Aagam C. Sanghavi, Bharati V. Sanghavi, Nikita V. Sanghavi, Premila K. Sanghavi, Kalpana R. Sanghavi, Devika C. Sanghavi.

The company is headquartered in Mumbai’s posh Bandra Kurla Complex.

All India Bank Officers’ Association leader Vishwas Utagi termed the new revelations ‘truly astounding’ and wondered how this scam was never made public for such a long time.

“However, with such mega scams lurking in ‘the private bank owned by the government’, who will now be held responsible for the losses – the Centre, the LIC, or the IDBI Bank officials – particularly since the LIC IPO is coming up soon,” Utagi was quoted by IANS.

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