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Post Info TOPIC: SURAJ DIAMONDS Limted divert Rs 6,500 crore loan funds abroad?


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SURAJ DIAMONDS Limted divert Rs 6,500 crore loan funds abroad?

Did top defaulter divert Rs 6,500 crore loan funds abroad?

NEW DELHI: Evidence emerging from India's second largest bank loan default raises suspicion that there was a criminal conspiracy to defraud Indian public sector banks of about Rs 6,500 crore and take most of the money out of the country or divert it to other projects. 

The Winsome Group, which is into diamond trading, has now accumulated defaults of Rs 6,581 crore on loans from a consortium of 15 public sector banks — bringing it in competition with Kingfisher Airlines for the tag of India's highest NPA (non-performing asset). 

The credit was given to three group companies — Rs 4,366 crore to Winsome Diamond & Jewellers, Rs 1,932 crore to Forever Precious Diamond and Jewellery and Rs 283 crore to Suraj Diamonds. 
Starting March 2013, the group started having problems repaying the loans. The banks sent a notice to it as a wilful defaulter on October 15, 2013, and in recent months the loans have been declared as NPA. Last month, the Central Vigilance Commission referred the case to CBI for criminal investigation. 


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