Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Now that the Indian authorities have requested the UK to <a href="http://www.businessinsider.in/It-wont-be-an-easy-task-to-get-Mallya-back-from-British-Courts/articleshow/58256283.cms">begin the extradition process</a> of liquor-baron <a href="http://www.businessinsider.in/Mallya-upbeat-about-future-despite-arrest-says-Sergio-Perez/articleshow/58411834.cms">Vijay Mallya</a>, they have now turned their focus on <a href="http://www.businessinsider.in/Another-Mallya-in-the-making-A-wait-of-two-years-and-lenders-receive-peanuts-from-Winsome-group/articleshow/51937848.cms">Jatin Mehta</a>, who could be dubbed as a low-profile <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>. The <keyword id="6357808" type="ORGANIZATION" weightage="100" keywordseo="Enforcement-Directorate">Enforcement Directorate</keyword> (<a href="http://www.businessinsider.in/ED-wants-independence-in-registering-anti-money-laundering-cases/articleshow/58434602.cms">ED</a>) has reportedly asked <a href="http://www.businessinsider.in/Dubai-no-longer-a-tax-haven-Indians-rush-to-hide-undeclared-wealth/articleshow/57627539.cms">Dubai</a> to speed up its response to India's letters rogatory sent last year, requesting information about Mehta's <keyword id="1671644" type="UNKNOWN" weightage="100" keywordseo="Winsome-Group">Winsome Group</keyword>, owing <a href="http://www.businessinsider.in/Another-name-appears-in-witch-hunting-by-banks-diamond-house-Winsome-Group-under-Rs-6-800-crore-debt/articleshow/51423015.cms">Rs 6,800 crore to 15 Indian banks</a>. Winsome Diamonds and Jewellery, a listed company, and group firm Forever is India’s second-largest loan defaulter after <a href="http://www.businessinsider.in/Vijay-Mallya-reveals-faulty-PW-engines-led-to-Kingfisher-Airlines-collapse/articleshow/57446858.cms">Kingfisher Airlines</a>. The information that UAE shared with India's <a href="http://www.businessinsider.in/topic/Financial-Intelligence-Unit">Financial Intelligence Unit</a>, which handles inputs on suspect financial transactions, was informal and not very significant. "We would like Dubai to officially respond to LR. Due to the nature of Winsome transactions and lenders' allegations, we need Dubai's cooperation to make any progress. It won't be easy as <keyword id="228845" type="COMPANY" weightage="100" keywordseo="Jatin-Mehta">Jatin Mehta</keyword> has taken citizenship of St Kitts, which has no extradition treaty with India," a person in the know told <a href="http://economictimes.indiatimes.com/news/politics-and-nation/ed-cbi-goes-after-countrys-second-largest-wilful-defaulter-winsome-groups-jatin-mehta/articleshow/58566946.cms">ET</a>. The ED and Central Bureau of Investigation (CBI) need help from the UAE to verify Winsome’s claim that the group is unable to repay Indian banks. While Indian agencies have a portion of Mallya’s assets and are trying to auction them to recover their amount, Winsome and Mehta don’t have such assets associated with banks, further posing problem with the authorities who have no means left to recover their money. (Image source GemKonnect)

The low profile Mallya! ED and CBI probing Winsome group's Jatin Mehta

While everyone is busy keeping an eye on <a href="http://www.businessinsider.in/A-little-too-late-Mallya-flew-out-of-India-before-banks-could-take-a-stay-order-against-him/articleshow/51323634.cms">Vijay Mallya</a>, who has been in news for his transit from India’s liquor baron to its <a href="http://www.businessinsider.in/Vijay-Mallya-fleds-india/articleshow/51328653.cms">largest willful defaulter</a>, one also needs to know the developments in the gold and <a href="http://www.businessinsider.in/Another-name-appears-in-witch-hunting-by-banks-diamond-house-Winsome-Group-under-Rs-6-800-crore-debt/articleshow/51423015.cms">diamond house Winsome group</a> that stands close behind Mallya in loan defaults. 
 After a long wait of two years, lenders to <keyword id="1671644" type="UNKNOWN" weightage="100" keywordseo="Winsome-Group">Winsome group</keyword> 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. 
 
<a href="http://economictimes.indiatimes.com/photo/47804733.cms">Image source</a>

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

Indian banks have technically written off a staggering amount of Rs 68,607 crore due from 50 top wilful defaulters, including absconding diamantaire Mehul Choksi, according to a reply under RTI from the Reserve Bank of India (RBI). Prominent RTI activist Saket Gokhale had filed an RTI query with the RBI seeking details of the 50 top wilful defaulters and their current loan status till February 16. "I filed this RTI because Finance Minister Nirmala Sitharaman and Minister of State for Finance Anurag Thakur had refused to reply to this starred question asked in the Parliament by Congress MP Rahul Gandhi in the last Budget Session on February 16," Gokhale told IANS. Disclosing what the government didn't, the RBI's Central Public Information Officer <keyword id="135505" type="PERSON" weightage="20" keywordseo="Abhay-Kumar">Abhay Kumar</keyword> provided the replies on Saturday (April 24), with several startling revelations in the 'diamond-studded list', said Gokhale. The RBI said that this amount (Rs 68,607 crore) comprising outstanding and the amounts technically/prudentially written off till September 30, 2019. An inadvertent error had crept in a previous version of the report, which has now been now corrected. "The apex bank also declined to provide the relevant information on overseas borrowers citing a Supreme Court judgement of December 16, 2015," Gokhale told IANS. Topping the list is Choksi's scam-hit company, Gitanjali Gems Limited, which owed Rs.5,492 crore, besides other group companies, Gili India Ltd and Nakshatra Brands Ltd, which had taken loans of Rs 1,447 crore and Rs 1,109 crore, respectively. Choksi is currently a citizen of Antigua &amp; Barbados Isles, while his nephew and another absconder diamond trader <keyword id="740578" type="DOMAIN" weightage="20" keywordseo="Nirav">Nirav</keyword> Modi is in London. The second in the list is REI Agro Ltd., with an amount of Rs 4,314 crore, and its directors <keyword id="9131601" type="PERSON" weightage="20" keywordseo="sandip-jhujhunwala">Sandip Jhujhunwala</keyword> and <keyword id="984138" type="PERSON" weightage="20" keywordseo="Sanjay-Jhunjhunwala">Sanjay Jhunjhunwala</keyword> who are already under the scanner of the Enforcement Directorate (ED) since over a year. The next on the list in the Rs 4,000-crore bracket is absconding diamantaire Jatin Mehta's Winsome Diamonds &amp; Jewellery owing Rs 4,076 crore and which is being probed by the Central Bureau of Investigation for various bank frands. In the Rs 2,000-crore category, there is the Kanpur-based writing instruments giant, Rotomac Global Pvt. Ltd., part of the famed Kothari group, which owed Rs 2,850 crore. The others in this category include: Kudos Chemie, Punjab (Rs.2,326 crore), Baba Ramdev and Balkrishna's group company Ruchi Soya Industries Ltd., Indore (Rs.2,212 crore), and <keyword id="265518" type="COMPANY" weightage="20" keywordseo="Zoom-Developers">Zoom Developers</keyword> Pvt. Ltd., Gwalior (Rs.2,012 crore). There are 18 companies in the Rs.1K-segment with some prominent names like Harish R. Mehta's Ahmedabad-based Forever Precious Jewellery &amp; Diamonds Pvt. Ltd. (Rs.,1962 crore), and absconder liquor baron Vijay Mallya's defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword> Ltd. (Rs 1,943 crore). Another 25 companies fall in the sub-1K-crore category with outstandings ranging from Rs 605 crore to Rs 984 crore, either individually or as group companies. Six among the 50 top wilful defaulters are connected with the glittering diamond and/or gold jewellery industries. "A majority of them have defaulted prominent nationalist banks over the past several years and many of them are either absconding or facing action by various probe agencies and some are under litigation," Gokhale said. No industry is sacrosanct as the top 50 willful defaulters are spread across various sectors of the economy including IT, infrastructure, power, gold-diamond jewellery, pharma, etc. --IANS qn/in/arm

You Searched For "jatin mehta winsome" and got 3 results

The low profile Mallya! ED and CBI probing Winsome group's Jatin Mehta

BI India Bureau

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

BI India Bureau

Indian banks might never recover ₹68,607 crore of bad loans says RTI data

IANS

Popular Keywords

Buying Guides