CBI seeks RBI's assistance over Winsome Case

CBI seeks RBI’s assistance over Winsome Case – Qbera Instant Loans


The Central Bureau of Investigation is intent on taking assistance from the Reserve Bank of India to investigate the Rs. 6,800 crore loan default by Winsome Group. Jatin Mehta, a Gujarat based diamond merchant is the owner of Winsome Diamonds. He has reportedly fled from India after his credits went sour, this at a time when state-run banks have been hit by massive losses. Since the information on the money trail of Winsome diamonds and jewellery is confidential, CBI faces obstruction in completing the probe.

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In order to reach out to the UAE central bank to fetch details on bank accounts linked with Winsome group, CBI looks forward to RBI to step in. Winsome Group along with another group company, Forever, had imported gold on SBLC (standby letters of credit) from global bullion banks to make jewellery. The jewellery was then exported to 13 UAE clients, who failed to pay for it.

According to Winsome, the clients had lost in a billion dollar in derivative debts, following which they were unable to pay back to Winsome for the jewellery. However, Standard Chartered Bank along with 15 other banks never believed this version revealed by Winsome.


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