Sources in the central probe agency said its zonal office here issued orders for the seizure of both movable and immovable properties of the firm, identified as Winsome Diamonds and Jewellery Limited, under provisions of the Prevention of Money Laundering Act (PMLA). While the firm has its registered office in Surat, it is headquartered in Mumbai.
As per data, of the total Rs 6,800 crore of debt and loans, Winsome owes Rs 4,680 crore to a consortium of lenders headed by Standard Chartered Bank. Its associate firm Forever Precious Diamonds and Jewellery owes another Rs 2,121.82 crore to a set of banks led by Punjab National Bank.
Once a top diamond firm, Winsome, promoted by Jatin Mehta, is being probed both by the ED and the CBI.
Its troubles started in January 2013, when 13 of its UAE-based distributors controlled by a Jordanian national failed to pay Rs 4,760 crore to the company, according to its 2012-13 annual report.
Following this, four foreign banks led by Standard Chartered, encashed the bank guarantees worth Rs 4,000 crore.