Macau becomes the known destination for money launderers because of its casinos and easy cash withdrawal rules.
The second-largest Indian wilful defaulter after Vijay Mallya's Kingfisher, Winsome Group's money trail has been found in Macau, according to a report by The Economic Times
The Central Bureau of Investigation (CBI) will start sending letters rogatory (LRs) seeking information from the authorities of the autonomous Chinese territory.
Moneycontrol could not verify the information independently.
With Winsome group owing Rs 6,800 crore to 15 banks, Macau becomes the known destination for money launderers because of its casinos and easy cash withdrawal rules.
“Details have been sought on the companies, their directors, their books of accounts and transactions, specifically with Winsome Diamonds and other shell companies floated by Mehta and his associates, to route the funds through layering,” said an official to the paper.
The CBI approached Mumbai court for the issuing of LRs to countries like UAE, Singapore, United Kingdom and British Virgin Island asking for information on the 13 buyers whom Winsome and promoter Jatin Mehta allegedly sold processed gold.
The agency is trying to find the connection between Mehta and Jordanian national Haytham Salman Abu Ali Obaidah, and how they created those buyers to siphon off money they borrowed from the banks
Mehta, however, surrendered his Indian passport and took citizenship in the Caribbean island St Kitts way before the default by the winsome group.Earlier, Winsome imported gold on stand-by letters of credit. These letters were given by Indian banks in favour of international bullion banks, hence supplying gold to them. Jewellery was made from the gold and sold to 13 UAE clients who did not pay due to derivative losses.
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