![]() ![]() Mehta, who denies the charges against him, said he pioneered the business of lab-grown diamonds in a challenge to the established diamond industry. Grant Thornton is acting as liquidator for the companies, which were allegedly used by Mehta to launder money, and will return any money recovered to the Indian lenders, according to its court filings. ![]() Mehta then allegedly laundered the cash through a clutch of firms across the globe, which was in turn used to finance the expansion of his laboratory-grown diamond business. and Forever Precious Diamonds & Jewellery Ltd., leaving 15 Indian banks unpaid, lawyers for Grant Thornton said in court filings. Mehta in 2013 falsely defaulted on over $1 billion in loans to his two companies, Winsome Diamonds and Jewellery Ltd. Both men have denied the allegations and are contesting the separate cases against them. A series of fraud allegations in the past decade has left an $8 billion hole in India’s banking system and led to multiple prosecutions and extradition efforts against tycoons who fled the country, including Vijay Mallya and Nirav Modi. ![]() Mehta’s is among the most high-profile bank fraud cases in India’s diamond industry, which cuts or polishes about 90 percent of the world’s supply.
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