India Seeks Arrest of Winsome Chief

RAPAPORT… Indian authorities have asked Interpol for help arresting
the owner of Winsome Diamonds, which is under investigation for alleged willful
default, The Economic Times reported.




The Central Bureau of Investigation (CBI) called on the
international police agency to issue a red notice against Jatin Mehta, who is
believed to be in St. Kitts and Nevis, the report said Friday. A red notice is
a request to find and arrest an individual.



Winsome bought gold from three banks outside India on the basis of guarantees it
received from Canara Bank, but failed to pay for the gold, the newspaper
continued. That caused Canara a loss of about $21.3 million (INR 1.46 billion), the report said.



The CBI filed charges against two former chairmen of Canara
on Thursday in connection with the case. The document of accusations also names
Mehta, his wife, his company and 15 government officials, according to the
report.

In total, Winsome defaulted on loans worth about $1 billion (INR 70 billion) from a consortium of banks, according to the report.