CBI arrests former Winsome director in loan fraud case
New Delhi: The Central Bureau of Investigation CBI) on Monday arrested a former director of the Winsome Group on the charges of defrauding public sector banks. This is first arrest in the half a dozen cases registered by the CBI in connection with the loan defaults by the jewellery group.
Hasmukh Shah was director and authorized signatory of Winsome group company Forever Precious Jewellery and Diamonds Ltd, CBI said.
A CBI spokesman said Shah is allegedly a close confidante of Jatin Mehta, the promoter of Winsome Group.
"Shah was orchestrating the export-import operations of the company. He was also allegedly the group's liaison with the banks," said the spokesman.
Winsome Group owes around Rs 6,800 crore to 15 Indian banks. The group promoter defaulted on loans in 2013 and disappeared from India along with his family. The CBI last year had registered six cases against Winsome group companies but the probe didn't make much headway.
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