Winsome diamonds fraud case: Mehta family may have moved to Montenegro

MUMBAI: Agencies probing the alleged bank fraud involving Winsome Diamonds & Jewellery promoter Jatin Mehta and his family members suspect that the Mehtas could have moved their base to the Balkan country of Montenegro in Southeast Europe, source privy to the development told ET.

According to these sources and documents reviewed by ET, a few companies floated in Montenegro capital Podgorica are linked to Mehta and his family. Information available on the website of the registrar of companies, Podgorica, shows that two limited liability companies — Pegasus Consultancy Ltd and Adamas International, bearing registration numbers 50816580 and 50816614, respectively — were registered on December 25, 2017.

The ‘face in society’ of Pegasus Consultancy is Jatin Rajnikant Mehta while that of Adamas International is his wife Sonia who owns 100% of the firm. Both companies are into the business of non-specialised wholesale trade, share the same address, and are headquartered at the plush George Washington Bulevar No 108.

Another limited liability company registered in Podgorica in 2017, Mehta Global Company has Mehta’s aide Munish Kumar is its director, holding 100% shares. It is into restaurant and food services activities.

“Post the scam came to light, the Mehtas were suspected to have fled to St Kitts and Nevis island around 2013,” said an official privy to the development. “Information has now come to light that they have managed to procure the citizenship of Montenegro and have managed to float a few companies there.”

While the Mehtas have “maintained their traditional business of lab grown diamonds, there is also information to suggest that they have also ventured into real estate and have acquired land parcels where they are building properties for sale”, the official said.

The Gujarat-based diamond merchant owes more than Rs 6,500 crore to a consortium of banks. In 2016, Winsome Diamonds was declared a “wilful defaulter”.

At least four central agencies — Enforcement Directorate (ED), Central Bureau of Investigation (CBI), Serious Fraud Investigation Office (SFIO) and the income-tax department — are probing the Mehtas.

In 2018, the CBI filed a chargesheet against 21 people, including Mehta, his wife Sonia, two former chairman and managing directors of Canara Bank and 15 public servants. In the same month, CBI had sought a Red Corner Notice (RCN) against him but till date the Interpol hasn’t acceded to the request.

Recently, CBI had learnt that in June 2018 Mehta travelled in his private jet to London Gatwick airport. “His aircraft record shows that he travelled to London in June 2018 but there is no clarity on which country he flew back to,” one of the officials said. “That bit is still under the scope of investigation.”