• search

CBI arrests Hasmukh Shah of Winson Diamonds in loan fraud case

By Deepika
Subscribe to Oneindia News
For Quick Alerts
Subscribe Now
For Quick Alerts
ALLOW NOTIFICATIONS
For Daily Alerts

    The Central Bureau of Investigation CBI) on Monday arrested a former director of the Winsome Group on the charges of defrauding public sector banks.

    Image for representation only

    The agency said late on Monday it would present Shah before a Mumbai court on Tuesday.

    Shah reportedly helped Jatin Mehta in orchestrating the export-import operations of the company. He was also liasioning with the banks in getting credit facilities illegally.

    Forever and group company Winsome Diamonds have been accused by authorities of defaulting on credit given by several banks. The CBI last year registered multiple cases against Winsome, while the National Company Law Tribunal last month ordered the start of bankruptcy resolution proceedings against Winsome and Forever.

    Jatin Mehta, who is presently a citizen of Saint Kitts & Nevis, a Caribbean island having no extradition treaty with India, had fled the country sometime in 2013 and never returned.

    Before fleeing, he told the banks in 2012 that he cannot repay as his customers in the UAE were hit by derivatives and commodities trading losses worth several thousand crores.

    OneIndia News (with agency inputs)

    For Breaking News from Oneindia
    Get instant news updates throughout the day.

    X
    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more