The Reserve Bank of India is calling on the Prime Minister’s Office (PMO) in an attempt to solve India’s 10 biggest bank frauds, including prominent real estate, media and diamond firms. According to DNA India, the cash lost is huge, pegged at about Rs22,500 crore. High on the list is Winsome Diamonds, with accumulated defaults of an estimated Rs6,581 crore on loans from a consortium of 15 public sector bank.
The Lancaster Guardian warns for fraudsters who convince existing diamond investment clients the diamonds they purchased have significantly increased in price and therefore need to be revaluated. The fraudsters then propose to arrange revaluation free of charge, once sent, the diamonds are never returned to their owners.
A diamond fraudster who jetted around the world buying designer shoes and bags using the cash she swindled from her victims is facing jail. Anna Foord, of Elstree, Hertfordshire, convinced investors to buy low grade gems overvalued by up to 2,000 %. The court heard how salesmen convinced clients the diamonds were a better investment prospect than gold and would pay handsome returns. But in reality, the diamonds were "what the miners leave on the floor".
The Brussels justice department is investigating the probable theft of diamonds seized by the Antwerp research section in 2004. The Prosecutor’s office spokesman, Ine Van Wymersch, talked to the De Tijd newspaper on Wednesday. The diamonds were seized during a fraud investigation, which was managed by Commissioner Agim.D at the time. He is today being charged with laundering. Lion’s Diamonds got several of the seized diamonds back, but to the company’s surprise, they were worth four times less than when they were seized. They should have been worth two or three times more than before.
Even after one month of the first lot of undisclosed synthetic diamonds being detected, Surat Diamond Association (SDA) and Natural Diamond Monitoring Committee (NDMC) are yet to take action against those involved in the case.