New Delhi: The Central Bureau of Investigation has registered six cases against two Mumbai based Jatin Mehta led private firms Winsom Diamond and Forever Precious Jewellery and Diamond; the Chief Promoter and others on the complaints lodged by Central Bank of India, IDBI Bank Ltd. and Vijaya Bank respectively on the allegations of cheating & criminal conspiracy.

It was further alleged that standby letters of credit were opened by the banks for the import of gold by the companies from foreign banks. Gold was imported to India, then was re-exported to 13 UAE based buyers. When the companies did not honour, the SBLCs, Indian Banks were forced to make payments to the foreign banks. An alleged loss of Rs. 1530 crore (approx) was caused to banks in these cases (An alleged loss to these banks i.e. Central Bank of India, Rs.699.54 crore (approx) in one case against Winsom & Rs. 255.24 crore (approx) in other case against Forever; IDBI Bank Ltd., Rs.133.12 crore (approx) in one case against Winsom & Rs. 55.68 crore (approx) in other case against Forever and Vijaya Bank, Rs. 233.15 crore (approx) in one case against Winsom & Rs. 153.71 crore (approx) in other case against Forever). The role of bank officials and others in this regard will also be looked into.

Further investigation is continuing.

In January 2016, ED had filed Rs 172 crore black money case against Winsom. One foreign bank also has in past filed arbitration complaint against Winsom.

DeshGujarat