Jatin Mehta Wants Government To Reconsider His Case
Fugitive Indian diamond merchant, Jatin Mehta, India’s second biggest corporate defaulter, has asked the Indian government to reconsider his case after he got favourable judgments from international courts in Sharjah.
Mehta's company, Winsome Diamonds and Forever Diamonds, owes Indian banks a whopping Rs 6,800 crore.
Mehta’s lawyer, Akash Rukhiyar, told BTVI in Delhi that his client has asked the Ministry of Finance and other investigating agencies to take a fresh look in the case.
Rukhaiyar said Mehta was raising the demand for meetings with officials of the Indian government and representatives of banks which lost cash in dealings with Winsome because of three counts.
First, an expert committee of lawyers and accountants formed by the Sharjah Federal Court to probe charges by the ED and CBI against Mehta has informed the Indian agencies that Mehta lost cash because one of his biggest clients suffered a billion-dollar loss in bullion and forex derivatives, and could not pay him ’s claim was legitimate.
This finding is in response to the Letter Rogatory (LR) sent by the ED to the Sharjah Federal Court. The judgments have given legitimacy to reasons cited by Mehta as to why he faltered on payments.
A copy of the Sharjah court order is now with the Bombay Stock Exchange (BSE). However, the Indian investigating agencies continue to claim Mehta had deliberately not paid the Indian banks and diverted the amount to his own accounts in global tax havens.
And in the second case, the Kroll investigative report into the Winsome case, which was relied upon by the banks, was based on hearsay and debunked by all agencies including the CVC. Mehta’s lawyer has claimed it was responsible for the misleading media campaigns.
And thirdly, a report by Diamond Intelligence Briefing (DIB), a trade journal, instrumental publishing a report on Mehta’s company mixing lab grown diamonds with mined diamonds, has denied the report in its November 7, 2017 issue, saying it was misled into doing the story.
The Indian government has not yet responded to Mehta’s request.