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India Seeks Arrest of Winsome Chief

Jul 1, 2018 5:36 AM   By Rapaport News
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RAPAPORT... Indian authorities have asked Interpol for help arresting the owner of Winsome Diamonds, which is under investigation for alleged willful default, The Economic Times reported.

The Central Bureau of Investigation (CBI) called on the international police agency to issue a red notice against Jatin Mehta, who is believed to be in St. Kitts and Nevis, the report said Friday. A red notice is a request to find and arrest an individual.

Winsome bought gold from three banks outside India on the basis of guarantees it received from Canara Bank, but failed to pay for the gold, the newspaper continued. That caused Canara a loss of about $21.3 million (INR 1.46 billion), the report said.

The CBI filed charges against two former chairmen of Canara on Thursday in connection with the case. The document of accusations also names Mehta, his wife, his company and 15 government officials, according to the report.

In total, Winsome defaulted on loans worth about $1 billion (INR 70 billion) from a consortium of banks, according to the report.
Tags: Canara Bank, CBI, Central Bureau of Investigation, India, Interpol, Jatin Mehta, Rapaport News, red notice, St Kitts and Nevis, winsome, winsome diamonds
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