Ex-Winsome director held in loan fraud case

NEWDELHI: The Central Bureau of Investigation (CBI) on Monday arrested a former director of a Winsome Group firm on the charges of defrauding public sector banks last year, officials said.

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 authorised signatory of Winsome’s Forever Precious Jewellery and Diamonds Ltd, CBI said.

A Central Bureau of Investigation (CBI) spokesman said Shah is 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 ~6,800 crore to 15 Indian banks. The group promoter defaulted on loans in 2013 and disappeared from India along with his family.

The Central Bureau of Investigation (CBI) registered six cases against Winsome Group companies but the probe didn’t make much headway. It suspects involvement of bank officials and is examining their roles.