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Jatin Mehta, Winsome Diamonds: Profile, Wiki, Family and Adani Relationship




Jatin Mehta: Biographical and Personal Profile
Biography: Jatin Mehta, born in the mid-1960s, is an Indian businessman known for his involvement in the diamond and jewelry industry. He is particularly infamous for his association with one of India's largest financial frauds through his companies, Winsome Diamonds and Jewellery Ltd., and Forever Precious Jewellery and Diamonds Ltd. His story is a cautionary tale of high finance, international business, and legal battles.

Family Details:
  • Parentage: Limited public information exists on Jatin Mehta's parents or early family life.
  • Siblings: There is no widely known information regarding siblings.
  • Marital Status: Jatin Mehta is married, and his wife has been mentioned in reports concerning their escape from India. However, her identity remains less known publicly.
  • Children: Details about children are not extensively documented in public records.

Educational Qualifications:
  • Jatin Mehta's educational background is not well-documented in public records. Given his career trajectory, it's assumed he has at least a basic level of business or commerce education, though specifics are not available.

Career Growth:
  • Early Career: Mehta started his business ventures in the 1980s, entering the diamond trade with Su-Raj Diamonds Limited, which he founded and later renamed Winsome Diamonds and Jewellery Ltd.
  • Expansion: He expanded his operations internationally, dealing in gold and diamonds, with a significant presence in UAE markets.
  • Peak Business: His companies became notable in the jewelry sector, securing large credits from Indian banks for importing gold.
  • Downfall: By 2013, his companies defaulted on loans amounting to billions of rupees, leading to one of India's largest banking scams. Mehta and his family then fled India, reportedly acquiring citizenship in St. Kitts and Nevis.

Recent News and Controversies:
  • Fugitive Status: Jatin Mehta is considered a fugitive by Indian authorities due to the massive default on bank loans. He's been accused in multiple cases by the Central Bureau of Investigation (CBI), Enforcement Directorate, and other agencies.
  • Legal Battles: There have been ongoing efforts by Indian authorities to extradite him, with international cooperation requests made to countries where he might be located. His case often appears in news related to financial fraud and asset recovery.
  • Controversies: His escape from India, the scale of the fraud, and the international dimensions of his business dealings have made him a subject of significant controversy. There's also been scrutiny over how banks issued such large credits without adequate risk assessment.

Top Ten Interesting Facts About Jatin Mehta:

  1. Diamond and Gold Tycoon: At the height of his career, Mehta was one of the most influential names in India's diamond and gold trade.
  2. Massive Default: His companies defaulted on loans over Rs 6,800 crore, making him one of India's most significant wilful defaulters.
  3. Escape from India: Mehta and his family reportedly left India in 2013, just before the financial fraud came to light, acquiring citizenship elsewhere to evade prosecution.
  4. International Business: His operations extended beyond India, particularly in the UAE, where his companies had significant dealings.
  5. Bank Guarantees: His companies secured loans through guarantees from major Indian banks for gold imports, which later turned into a massive liability for those banks.
  6. Legal Pursuit: The Indian government, through agencies like the CBI, has been actively pursuing his extradition, facing challenges due to his international status.
  7. Asset Seizure: There have been efforts to seize assets linked to Mehta to recover the defrauded amounts.
  8. St Kitts and Nevis: He reportedly acquired citizenship in this Caribbean nation, known for its citizenship by investment program.
  9. Public Scrutiny: His case has led to broader discussions on banking regulations, credit risk assessments, and the need for stricter oversight in India.
  10. Impact on Banking: The Winsome scam contributed to a significant trust deficit in Indian banking, prompting reforms in lending practices.

This profile outlines Jatin Mehta's life from his business ventures to his fall from grace, highlighting the profound impact his actions had on India's financial sector.

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