Jewellery exporter Winsome Group, which has amassed over Rs. 6,500 crore default on loans from a consortium of 15 banks, mostly state-run lenders, might have diverted the loan money abroad.
Documents accessed by the paper on loan default smacks of criminal conspiracy.
The documents raises suspicion that a part of the loan was diverted abroad to businesses outside India. The files also raises suspicion that the money was routed to real estate investments in Mumbai and Dubai.
It may be recalled that in May 2013 three foreign lenders of the troubled Winsome Diamonds encashed their letters of credit, thereby forcing the banks to form a core group to monitor the issue on a regular basis.
Jewellery exporter Winsome Group, which has amassed over Rs. 6,500 crore default on loans from a consortium of 15 banks, mostly state-run lenders, might have diverted the loan money abroad.
