Office of penalties (Enforcement Directorate, ED) India confiscated assets Winsome Diamonds and Jewellery Limited valued at $ 25.85 million in connection with money laundering on a large scale, as well as in connection with a major default on a bank loan amounting to $ 1.02 billion, according to Times of india.
ED Zonal office ordered the arrest of movable and immovable property of the company in accordance with the provisions of the Law on Prevention of Money Laundering (PMLA).
Winsome has its registered office in the city of Surat in Gujarat, however, it is headquartered in Mumbai.
The company's problems began in January 2013, when 13 distributors in the UAE, controlled by a Jordanian citizen, failed to pay the company $ 715.49 million, according to Winsome annual report for 2012-2013.
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India is trying to improve the performance of mining of mineral resources and reduce unnecessary imports, in connection with which the authorities intend to organize the first ever auction of diamond mine in about a month, a spokesman of the Ministry of Mining.
Soon the Indian state of Madhya Pradesh would provide an opportunity to apply for participation in the auction of mining block Hatupur (Hatupur), told Reuters Balvinder Kumar (Balvinder Kumar) from the mining ministry. It is expected that the block sale will be completed in about 40 days.
Block occupies 136 hectares and diamondiferous rock content thereon is about 604,336 tons.
The world's largest mining company Rio Tinto previously shown interest in purchasing diamond project Bander (Bunder) in Madhya Pradesh, but its development was halted for environmental reasons.
Last month, Vedanta Ltd won India's first gold mine tender. Indian authorities seeking to open a sector of mining production in the country to reduce the volume of gold imports, the volume of which in the past year amounted to about $ 36 billion.
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