Winsome diverted $750 million to promoter’s firms abroad: Probe


Winsome diverted 0 million to promoters firms abroad: ProbeWinsome diverted 0 million to promoters firms abroad: Probe Head office of Winsome Diamonds at Opera House in Mumbai. Winsome owes .26 billion to a consortium of 15 Indian banks. (Express Photo/Vasant Prabhu/File)

The country’s second largest wilful defaulter, Winsome Diamonds and Jewellery Ltd, diverted at least $750 million to six entities in Hong Kong, Bahamas and UAE, directly or indirectly controlled by its promoter Jatin Mehta, through a web of ‘dummy companies’, sources familiar with the investigation told The Indian Express.

Winsome owes $1.26 billion to a consortium of 15 Indian banks. Investigative agencies have alleged that three UAE-based companies controlled by Mehta and his associate Haytham Salman Abu Ali Obaidah diverted $1.03 billion to over half-a-dozen UK-based dummy companies, which routed these funds to an entity called Docklands Investment Ltd.

... read more at: https://indianexpress.com/article/business/winsome-diverted-750-million-to-promoters-firms-abroad-probe-5320126/

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