Did top defaulter divert Rs 6,500 crore loan funds abroad? Evidence emerging from Indias second largest bank loan default raises suspicion that there was a criminal conspiracy to defraud Indian public sector banks of about Rs 6,500 crore and take most of the money out of the country or divert it to other projects. The Winsome Group, which is into diamond trading, has now accumulated defaults of Rs 6,581 crore on loans from a consortium of 15 public sector banks — bringing it in competition with Kingfisher Airlines for the tag of Indias highest NPA (non-performing asset). ............................. The emerging evidence raises suspicion that a part of the loan given by government banks was taken out of India and diverted to businesses outside India. Incidentally, Winsome groups promoter Mehta is no more in India, and is suspected to be in Singapore. According to files accessed by TOI, there is suspicion that some of the money raised from the banks was also diverted to real estate investments in Mumbai and Dubai. TOI is holding back the name of at least one project in Mumbai, owned by a major business house, into which some of the money of Winsome is suspected to have flown, according to the report from one of the affected banks. The collateral security provided by Winsome is worth just about Rs 250 crore. And, Jatin Mehta may not have many assets in India. He used to take commercial spaces on rent, and operated through his trusted staff and managers. Investigators have so far been able to track down just one property owned by his family members, a flat in his mother Gunvantiben Mehtas name in Malabar Hill in Mumbai. Did top defaulter divert Rs 6,500 crore loan funds abroad? - The Times of India
Posted on: Wed, 20 Aug 2014 13:12:56 +0000
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