Winsome Diamonds & Jewellery Ltd fraud case: Mehta regarded as corporate defaulter

Winsome Diamonds & Jewellery Ltd promoter Jatin Mehta, along with his family members, is suspected to have moved to the Balkan country of Montenegro in South-East Europe. The family faces a Red Corner Notice, and is being probed by Central agency sleuths for alleged bank fraud, said an Economic Times report. According to a source cited in the ET report, a few companies floating in Montenegro’s capital Podgorica have links to Mehta and his family members.

Additionally, the two companies namely Pegasus Consultancy Ltd and Adamas International having registration number 50816580 and 50816614. On the website of Registrar of Companies the two companies registered themselves.

Jatin’s wife Sonia owned 100 percent stake in Adamas International. Both the companies involved in non specialised wholesale trade. Additionally, theyare both headquartered at No 108, George Washington Boulevard, one of the most sought-after addresses in Podgorica. A Limited Liability company, Mehat Global registered in the same year.  Hence, the company has Mehta’s close aide Munish Kumar as director, owning 100 per cent shares. It focusses on hospitality and hotel management.

Winsome Diamond & Jewellery Ltd scam

Mehta’s Winsome Diamonds & Jewellery Ltd  is known to be India’s third-biggest corporate defaulter after Kingfisher Airlines and Punjab National Bank defaulter Nirav Modi. While investigation agencies managed to extract properties worth over ₹6,000 crore in the Nirav Modi scam, they didn’t get any leads in the Winsome Diamond case. The family managed to escape the proceedings, leaving no trail behind. Therefore, they found that they might land in St Kitts.

T Mehta of Winsome Diamond & Jewellery Ltd is a diamond merchant based out of Gujarat. He owes more than ₹6,500 crore to a consortium of banks.In 2016, Winsome declared as “wilful defaulter”.

The investigating officer believed that Mehta family escaped fro India. They expanded thier business in different countries. They maintained there traditional business of lab-grown diamonds. It ventured into real estate. They have aquired land to further the prospects.