17 Aug 2019
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Winsome Diamonds Refutes Charges of any Covert Operations or Siphoning
Winsome refutes all allegations
By: Diamond World News Service
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Oct 12 2017 3:54PM
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Reference: 15366  

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Members asked as to how the responsibility can be fixed in the absence of any proof. She informed that the banks have given the assignment to a reputed investigative agency whose report can be relied upon. She further informed that they requested Standard Chartered Bank to provide information relating to dispatch of goods to Dubai buyers to enable them trace the evidence of delivery of goods at the port of destination. However, we didn’t get the same.

She confirmed that the report is based on “hearsay” and when asked “How the ownership in all the 13 companies has been established in view of the fact that report of another investigative audit report, due diligence report of D& B have Found,” she informed,“Kroll report is based on information available from Corporate Registry office Dubai.”

You have said in your statement, that the case filed against you is political vendetta created by the media at the behest of your business rivals. But the CBI apparently has hard evidence on the diversion of funds. What do you have to say about this?

The media has been misled because of the “false Kroll report”. The Sharjah Federal Courts have given a verdict in favor of the company after having Banking and Accounting experts make an audit of the customers companies. There has been no diversion of funds. The bank has also done an E & Y report on Winsome and found no diversion of funds.

The best evidence is in the banks’ case filed at DRT, Ahmedabad (Standard Chartered Bank vs. Winsome Diamond and Jewellery Limited - O.A. No. 304 of 2014 and against Forever Precious Jewellery and Diamond Limited - O. A. No. 174 of 2014), where the banks have specifically stated that the goods have been sold, supplied and delivered by the companies to its customers at UAE and the customers in turn have defaulted by not making payments. Apart from seeking decrees against the companies for the repayment of debt, the banks have sought further orders that the UAE customers deposit their dues to the companies directly into the designated account. Decrees have been passed by the DRT on this basis.

The general consensus seems to be that the 13 UAE-based buyers are covertly operating with Winsome to siphon funds. How do you refute this?

The records maintained by the banks for the last 20 years will confirm the fact that Winsome followed prudent policies for ensuring its continuous growth whether in terms of its reserves and surplus, its net worth, its fixed assets, its turnover, etc. The records maintained by the banks would also show that at all times the banks had accepted the soundness of the operations, business and working of Winsome, which made Winsome, a leading company in the gold and diamond jewellery industry in India. The banks were always in the know of the working operations and financial status of Winsome. The banks held several meetings to review the data, information and operations of Winsome.

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