THE SCAM OF

2013
WINSOME SCAM
Group 15
2120642 Harsh Kaushik
2120643 Hridesh Kapoor
2120646 Koushik Jain 1
2120651 Saksham Chachan
 DIRECTED BY
JATIN MEHTA

The Winsome Diamond company owned by Jatin Mehta is ranked as

India’s third-largest defaulting company, behind Kingfisher Airlines and
Punjab National Bank defaulter Nirav Modi. In the Nirav Modi scam,
investigation agencies were able to uncover properties valued at over 6,000
crores, but there were no leads in the Winsome Diamond case
RBI

The Issuer of Bank
Notes
The most important
function of RBI is the
issuance of currency notes
and coins, except the one
rupee note and coin which
are issued by the Ministry of
Finance.
All other notes bear the
signature of the RBI
Governor. However, the
agency of distribution of all
notes and coins issued by
the Government of India is
the Reserve Bank of India.
FUNCTIONS OF RBI
Banker to the Government Lender of the Last Controller of Credit
Resort
Another chief function of RBI is Often regarded as the banker RBI controls the credit
that it takes care of the banking of banks, the RBI acts as a created by the commercial
needs of the government, which parent to all commercial banks banks in India, in accordance
includes maintaining & in India. Thus, it becomes the with the economic priorities
operating the deposit accounts lender of the last resort for all of the government of India.
of the government, collecting banks when they are in a crisis RBI uses quantitative and
the receipts of funds, and situation. qualitative methods to control
making payments on behalf of and regulate the flow of
the Government of India. money in the market.
RBI helps them by lending
It also represents the Indian money, although at higher RoI, The monetary policy involves
Government, as a member of the to sail through the tide of the management of interest
International Monetary Fund and financial difficulties. rates and money supply. The
the World Bank. central bank of India tweaks
the money supply to achieve
objectives such as liquidity,
inflation, and consumption.
 STORY
THE BAD BOY BILLIONAIRE
THE SCAM
Winsome had used the facility to import
gold to manufacture and export jewelry to
companies in the UAE. In March and April
2013, Winsome defaulted to the tune of
$774 million which created widespread
anxiety in India’s jewelry business circles.
Winsome maintained that 13 entities in
the UAE did not pay them for the
delivered jewellery which caused them
irreversible financial strain
 RBI TO JATIN
MEHTA
Winsome Diamonds owed Rs710.71 crore to the Central Bank of
India. The Reserve Bank of India (RBI) had also conducted a
specific investigation into Winsome Diamonds and its group
companies and discovered a massive fraud.

Media reports later revealed that six months before Central Bank
admitted to Mr Mehta having vanished, the company seems to
have removed hard disks from computers to hide evidence about
its activities by feigning an income-tax raid on the office
 ADAALAT
The investigation against the Mehtas and their companies — Gujarat-
based Winsome Diamonds and Forever Precious — that defaulted on loan
payments, started in India in 2014 with the Central Bureau of
Investigation (CBI) and Enforcement Directorate (ED) registering cases
against the companies, their directors and public servants.

While the cases against the Mehtas are ongoing in India along with an
insolvency proceeding, the high court in London has issued a worldwide
freezing order against him, his wife Sonia, and two sons Vishal and Suraj.
THANK YOU