Another Mallya in the making? A wait of two years and lenders receive peanuts from Winsome group

While everyone is busy keeping an eye on Vijay Mallya, who has been in news for his transit from India’s liquor baron to its largest willful defaulter, one also needs to know the developments in the gold and diamond house Winsome group that stands close behind Mallya in loan defaults.

After a long wait of two years, lenders to Winsome group have received about $150,000, which is a too little a fraction when compared to the billion dollar outstanding loan. The money has come from the Middle East clients of Winsome group and a group firm Forever.

Winsome spokespersons and its promoter Jatin Mehta have maintained their stand of being unable to repay banks the loans of Rs 6,800 crore because of non-payment by overseas customers who have lost heavily on gold and currency derivative bets. However, no bank has bought what looks like a cooked-up excuse.

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