: The ADANI-JATIN MEHTA Nexus Of Crime Unravels #WorldNEWSAll The familial links between the Adanis and the Mehtas will provide more fodder for the Indian opposition in the run-up to GE 2024. On Nov.

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The ADANI-JATIN MEHTA Nexus Of Crime Unravels #WorldNEWSAll
The familial links between the Adanis and the Mehtas will provide more fodder for the Indian opposition in the run-up to GE 2024.
On Nov. 22, 2022, The England and Wales High Court, Edwin Johnson, J. in the chair, stated I am satisfied that there is a good arguable case that the Alleged Fraud, by which I mean a major international fraud, took place. Indeed on the evidence, and while it is not necessary to go this far, I think that there is more than a good arguable case that the Alleged Fraud took place. The evidence that a major international fraud took place seems to be strong. . Money advanced to the Winsome group was allegedly “misappropriated, laundered and concealed through multiple layers of corporate entities, with the vast majority of the proceeds said to have ended up in entities owned and/or controlled by the Mehta family in different parts of the world including the UAE.
The respondents in these cases were Jatin Mehta, Sonia Mehta, Vishal Mehta, Suraj Mehta and Haytham Salman Ali Abu Obidah. The matter related to drawing down of billion in gold from bullion banks and consortium banks that financed these purchases. Since no payment was made by the consignees within the stipulated 270 days, all the purchasers defaulted, the worst affected being Stanchart and Stanchart India. During the proceedings, the petitioners contended that the payments for this gold were siphoned into two layers of companies, hence Johnson, J. classed it as an international fraud and allowed it to the tried in the UK.
Jatin Mehta
This was when the CBI had filed a closure report while acknowledging the inter-company transfer of funds by the defendants (Mehtas). Winsome Diamonds and its founder Jatin Mehta, with his wife Sonia and two sons Vipul and Suraj, vanished from India and have never returned, leaving behind a loan default documented at Rs 6,800 crore, but could be more.
In May 2022, a UK court had acted on SCB’s petition and issued a ‘World Freezing Order’ (WFO) to secure assets of the value of £743,176,152. 77 (or US2,466,942. 36) belonging to the Mehta family and also impounded their passports. The November order is in response to a petition by the Mehtas to have the WFO lifted. Explaining ‘near total default’ in repayment of a billion dollars, it was argued on behalf of the Mehtas that their UAE distributor had sold jewellery to his customers and then lost the money owed to the Winsome group in commodity transactions.
This explanation ‘takes some swallowing’ said the court, finding it “extraordinary that a loss on this scale could occur in this way. ” The UAE distributor, Haytham Salman Ali Abu Obidah, was described as a ‘close associate’ of Jatin Mehta and listed as the fifth defendant but did not participate in the proceedings, since he could not be located!
Nearly a decade has passed but no visible action has been taken by the Govt.

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