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ICICI Bank sues diamond company's executives over alleged fraud

ICICI Bank Ltd. has filed a lawsuit in New York against executives of Indian jewelry company Shrenuj & Co. Ltd. over alleged fraud in connection with a US$20 million credit facility, India's Mint reported Oct. 17, citing the complaint filed with the court.

The Indian bank in its petition to the United States District Court for the Southern District of New York accused Shrenuj shareholder Vishal Doshi and 10 other executives of "inducing" the bank to extend and maintain loan facilities to Shrenuj's U.S. subsidiary Simon Golub & Sons Inc. and diverting the proceeds to themselves through Shrenuj and shell companies.

Simon Golub & Sons obtained the credit facility in 2008, but its financial statement in May 2016 showed that it was not in a position to repay the loans, the bank said. The company owed US$18.8 million to ICICI Bank as of March 2016, the publication reported.

Further, receivership proceedings filed by the bank with a court in Seattle showed that Simon Golub & Sons engaged in alleged fraud and fraudulent transactions with certain third parties.

The bank is seeking to recover US$12 million. It filed the lawsuit on Oct. 4 through law firm Sabharwal & Finkel LLC.

A spokesperson from the bank confirmed that the bank filed the suit but declined to comment further. A spokesperson for Shrenuj said the company has not received any intimation from any source about the case but added that the company and the bank are engaged in multiple legal cases.

Shrenuj is currently undergoing solvency resolution.