Jun 01, 2016
The Enforcement Directorate (ED) on Tuesday has attached the properties of Winsome Diamonds and Jewellery that owes over US $1 billion to various public and private banks under Prevention of Money Laundering Act (PMLA).
“We have attached the properties in various parts of India including Mumbai, Ahmedabad, Surat, Goa, Bangalore, Cochin, Kolkata and Rajasthan. The total worth of these properties, mostly land and few commercial buildings, Rs. 172 crore,” a senior ED official told FPJ.
The ED is now trying to identify properties and bank accounts in Dubai for which they are about to send Letter of Request to UAE. ED has already sent a questionnaire to the UAE to interrogate Hatyam Obidullah, UAE national and Mehta’s associate. Mehta’s wife and two sons have also left India. Money was siphoned off from India to UAE and the promoter of Winsome Diamonds Jatin Mehta invested the money from the sale of jewellery in the futures market and incurred loss of US $1 billion, said the ED official. “It sounded fishy as there was no track record of such companies. It appears as a criminal conspiracy between Jatin Mehta and Obidullah.”