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₹4,627 crore Winsome Diamonds bank fraud: Timeline of Jatin Mehta case and HC refusal of petition
Fugitive diamantaire Jatin R. Mehta and his firms Winsome Diamonds and Forever Precious Diamonds allegedly defrauded Indian banks of over ₹4,627 crore through loan defaults and money laundering starting 2008. CBI and ED pursued cases; Bombay HC recently refused his petition in absence.
Why It Matters
Exposes vulnerabilities in India's banking sector to large-scale frauds involving imports, shell companies, and fugitives, contributing to billions in non-performing assets and prompting inter-agency probes.
Timeline
14 Events
Bombay HC refuses Mehta's petition
Recent
Bombay High Court refuses to hear fugitive Jatin Mehta’s petition in his absence in ₹4,627.24 crore bank fraud case.
ED considers FEO status for family
2024
ED weighs plea for fugitive economic offender status for Mehta's wife and sons after 7-year probe.[4]
PMLA court discharges Jaikumar Begani
2024
PMLA court in Mumbai discharges businessman Jaikumar Begani from ₹4,627 crore laundering case linked to Winsome Diamonds.[3]
ED registers ECIRs
2014 onwards
ED files seven ECIRs against Mehta family since 2014; one prosecution complaint filed.[4]
CBI files chargesheet in ₹146 crore case
June 28, 2018
CBI files chargesheet against Mehta, Winsome Diamonds, two Canara Bank CMDs, and 19 others; plans Red Corner Notice.[2]
Willful defaulter declaration
December 2016
Mehta declared willful defaulter.[5]
Mehta family leaves India
2016
Mehta, wife Sonia, and son Suraj leave India before prosecution begins; reside in London.[4]
Fraud unearthed by NDA government
December 2014
NDA government declares Mehta fraud and willful defaulter.[5]
First CBI case filed
2014
CBI registers first case on Punjab National Bank complaint alleging ₹1,658 crore loss; later files 16 cases total by 2019.[4]
Last India entry-exit
July 25, 2013
Mehta's last entry and exit from India on the same day.[5]
Payment issues and SBLC invocation
March - April 2013
Winsome claims delay in remittances; bullion banks invoke SBLCs worth ₹3,580.68 crore paid by Indian bank consortium.[1]
St. Kitts passport acquired
November 2012
Jatin Mehta acquires St. Kitts passport without renouncing Indian citizenship.[5]
Loans advanced during UPA government
September 2010 - March 2013
Banks grant advances to Winsome Group between September 2010 and March 2013.[5]
Loans begin for gold and diamond imports
2008
Winsome Diamonds and Jewelleries Ltd (WDJL) and Forever Precious Jewellery and Diamonds Ltd (FPJDL) obtain loans from public sector banks for importing gold and diamonds.[1][3]