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May 10, 2001
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Money > Business Headlines > Report May 10, 2001 |
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After gold, it's the turn of silver scam nowBS Regional Bureau The city of Ahmedabad seems a magnet for bullion scams. Close on the heels of the Rs 700-million gold scam in March, another one has come to light where 32 tonne of silver worth Rs 280 million has gone missing without a trace. Sources said the consignment was sent by Zurich-based United Bank of Switzerland and had arrived at Kandla port on March 31. The matter came to light when Dewang Shah, the Ahmedabad branch manager of Bombay-based BVC Travels, which handles the bullion stock supplied to the banks, consumed poison and was hospitalised in Ahmedabad on Sunday. While State Bank of India officials declined to comment on the issue, saying that SBI has nothing to do with the case, sources said this stock was ordered by the bank from UBS and had come through Kandla port. To save on demurrage, SBI is reported to have paid the customs duty of Rs 20 million also and UBS agent BVC Travels took delivery of the consignment. Dewang Shah, now in hospital, is reported to have delivered the silver to some trader allegedly on the basis of a telephonic instruction, anticipating the written orders to come by fax, which never came. Hence, even the entry regarding delivery has not been made in the stock register. Physical verification later revealed that the total stock of silver was short by 32 tonne. SBI officials categorically denied the stock was meant for them and said that these are consignment-based transactions and ownership rests with the supplier UBS till they make delivery and receive payment. So SBI has nothing to lose or gain in this specific instance, they argued. Meanwhile, the authorised representative of UBS is believed to have reached Ahmedabad from Switzerland to sort out the matter. In another twist to the story, a complaint was lodged with the police by Percy Russi Madan of the Bombay office of BVC Travels, after he found that a stock of 750 10-tola biscuits embossed with the "Credit Suisse 999" seal worth Rs 35 million and 250 biscuits embossed with the 'Harmony South Africa 999' mark worth Rs 12 million were missing from the company vault in Ahmedabad. This matter came to light when there was a delay in the supply of bullion stock to the Vadodara and Bombay offices of ABN Amro Bank. Meanwhile, the police is learnt to have lodged a case of cheating and breach of trust against Devang Shah under Sections 408 and 420. Powered by YOU MAY ALSO WANT TO READ:
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