While India’s liquor baron Vijay Mallya seems to be peacefully residing at his London residence after defaulting a bank loan worth Rs 9,000 crore, here’s another update. Jatin Mehta, the promoter of Winsome Diamonds and Jewellery Ltd, along with his wife have given up their Indian citizenship and taken up citizenship of the Federation of St Kitts and Nevis. According to The Indian Express, the company has allegedly defaulted bank loan worth Rs 6,800 crore — second highest defaulter in the country. The company was classified as a ‘wilful defaulter’ by banks in 2013.

Investigation reports have suggested that Jatin and his wife Sonia had given up Indian citizenship in 2013-14.

The Loss to the bank

The company owes Rs 4,680 crore to a consortium of banks headed by Standard Chartered Bank, while its associate company Forever precious Diamonds and Jewellery owes the sum of Rs 2,121.82 crore to another consortium led by Punjab National Bank.

The CBI and Enforcement Directorate (ED) is currently investigating the fraud by Winsome Diamonds and Jewellery Ltd. Last Tuesday, the ED seized properties worth Rs 172 crore of Winsome Diamonds and subsidiaries under the Prevention of Money Laundering Act (PMLA).

St Kitts and Nevis

St Kitts and Nevis is a two-island Caribbean nation, popular as a tax haven. India has no extradition treaty signed with this country.

St Kitts and Nevis offers citizenship to foreign investors in exchange for significant investment in the country either by donation or investment in real estate purchase.

The Logical Indian community appeals to the government and RBI to come up with the list of people who are defaulters and start taking steps to get the money back. Recent updates on the wilful defaulters running away from the country show how weak the law is when it comes to nabbing the rich who break it.