A fraudster wanted in India over a $1 billion diamond and gold scam has been enjoying a luxurious life with his family in London, according to reports.
The High Court in London heard that Jatin Mehta, his wife Sonia, their sons Vishal and Suraj, and business associate Haytham Obidah have conducted a sophisticated fraud from two diamond companies, Winsome Diamonds and Forever Precious Diamonds.
According to a report in the Evening Standard, the scam involved a complex web including companies in the United Arab Emirates, Britain, Singapore and Ireland, and sham derivatives trading, gold dealing and loan defaults.
When Indian authorities started probe into the fraud, Mehta and his family renounced their Indian citizenship and obtained passports from St Kitts and Nevis — which has no extradition treaty with India — before vanishing.
But liquidators found out that they were living in three houses in London — in St John’s Wood, Maida Vale and Hampstead Garden Suburb.
Ian Wilson QC, representing companie, called for Mehta and his family to give a full account of where the money had gone. The family explained that the hundreds of millions of dollars had been lost through “catastrophic foreign exchange and commodities derivatives” trading by companies in the UAE.
However, it was proved to be false later. Lawyers for Mehta and his family are contesting the claims.
In a earlier hearing, High Court judge Justice Johnson passed a worldwide freezing order against Mehta and his family, which covers £743,176,152.77 claim.
The family's location had not been identified either by the Indian criminal authorities or anyone else so far. Now, criminal proceedings had begun in India against Jatin, Sonia and Suraj Mehta, the report said.
The early part of next week looks set to continue the warm trendMET Office