ICICI Bank has filed a case against 11 executives of Mumbai-based diamond company Shrenuj and Co in order to recover over $ 12 million from them, reported LiveMint.
According to the report, the petition filed earlier in the month said that the diamond company, which is undergoing insolvency resolution diverted funds through its US subsidiary Simon & Golub & Sons (SG) and various UAE based shell companies.
“The defendants, 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, the report mentioned.
The filing was done by the New York branch of the bank in Southern District Court under the Racketeer Influenced and Corrupt Organisation (RICO) Act.
Earlier in August, Bank of India moved NCLT’s Mumbai bench to begin insolvency proceedings against Shrenuj for defaulting on a loan, the report added.