India’s Top Bank Defaulter Winsome Diamonds May Have Fled The Country

Finance and Trade
22/05/2015 22:25

According to The Hindustan Times, an internal audit by the Central Bank of India has found that the promoter of Winsome Diamonds and Jewellery — the country’s top wilfully defaulting company of public sector bank loans — may have shifted abroad. Diamond trader Winsome had taken total loans of Rs 4,276 crore from 11 banks, including Rs 711 crore from Central Bank. The audit note on Winsome says, “This account has caused serious setback to our bank as huge provisions had to be made under IRAC norms… Our bank is not having sufficient security to fall back upon.”