India Seeks Arrest of Winsome Chief

RAPAPORT... Indian authorities have asked Interpol for help arrestingthe owner of Winsome Diamonds, which is under investigation for alleged willfuldefault, The Economic Times reported.The Central Bureau of Investigation (CBI) called on theinternational police agency to issue a red notice against Jatin Mehta, who isbelieved to be in St. Kitts and Nevis, the report said Friday. A red notice isa request to find and arrest an individual. Winsome bought gold from three banks outside India on the basis of guarantees itreceived from Canara Bank, but failed to pay for the gold, the newspapercontinued. That caused Canara a loss of about $21.3 million (INR 1.46 billion), the report said.The CBI filed charges against two former chairmen of Canaraon Thursday in connection with the case. The document of accusations also namesMehta, his wife, his company and 15 government officials, according to thereport.In total, Winsome defaulted on loans worth about $1 billion (INR 70 billion) from a consortium of banks, according to the report.