19 November 2017
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INDIA’S CBI REACHES IMPASSE ON WINSOME INVESTIGATION
10 September 2017
India's Central Bureau of Investigation (CBI), in its investigation into the loan default of two United Arab Emirates (UAE)-based companies owned by Jatin Mehta, Winsome Diamonds and Forever Diamonds, has reportedly reached an impasse.

The government's investigation agency is unable to file a charge sheet against the two UAE-based firms that have defaulted on Rs 6,800 crore (approximately US$1 billion) of loans, reports Indian news site Moneycontrol News, due to lack of cooperation from the UAE government on this matter.

In 2015, the two companies had filed cases in the UAE's Sharjah Federal Court arguing that the companies had suffered a business loss of US$1 billion (Rs 6,500 crore) due to non-payment from 13 UAE-based entities. The Sharjah court ruled in favor of Winsome Diamonds and Forever Diamonds, a verdict which was upheld in May 2017, in UAE's Appellate Court.

According to the news report, a senior official of India's Enforcement Directorate (ED) told Moneycontrol: "When there is a crime/investigation involving two countries, it is important that the crime is proven in both the nations. And in this case, we have declared the case decree, but UAE court has ruled in favour of them due to which the UAE government is not providing us with the necessary information."

The two government agencies (CBI and ED) are dependent on the UAE government for information about the 13 firms which have allegedly defaulted on payments to the Mehta-owned firms.

The case is also pending with the ED as it can proceed only after CBI files a charge sheet. ED had last year sent Letters Rogatory to UAE seeking the information, but it is yet to receive an official reply, reports the news source.
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