Jatin Mehta, a diamond and jewellery tycoon, is reportedly taking his fight to a London court in the UK to undo a worldwide freeze on his assets after bank fraud allegations. According to sources, Mehta has been accused of swindling at least 15 money lenders in India out of more than $1 billion which led to a freezing order earlier this year in May.&nbsp;

In a court filing last week Mehta’s lawyers alleged that the Indian unit of Standard Chartered and liquidation firm Grant Thornton have indulged in a “sleight of hand” to get the order from courts earlier this year and it is completely unjustified. The lead lawyer, Andrew Hunter, argued that Mehta is “as much the victim&nbsp;of what occurred as the consortium of banks,” said a report by Bloomberg. &nbsp;

In 2013, the diamond tycoon was accused of falsely defaulting more than $1 billion in loans to two companies, Winsome Diamonds and Jewellery Ltd. and Forever Precious Diamonds &amp; Jewellery Ltd. also owned by him which left 15 banks unpaid, said the report citing the court filings by lawyers for Grant Thornton.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/nirav-modi-does-possess-means-to-flee-uk-says-judge-during-diamond-merchants-bail-plea-hearing-226319">Nirav Modi does possess means to flee UK, says judge during diamond merchant's bail plea hearing</a>

Furthermore, Mehta allegedly also laundered the cash through several firms across the world which was then used to fund the expansion of his laboratory-grown diamond business. According to court filings, Grant Thornton is also acting as a liquidator for the companies which Mehta allegedly used to launder the money and will return any amount recovered to the Indian lenders.&nbsp;

On the other hand, Mehta has denied all allegations against him and said that his success in pioneering the business of lab-grown diamonds had threatened the already established diamond industry. The lab-grown diamonds in this case refer to a larger diamond developed from pieces of other diamonds after being exposed to extreme heat and pressure.&nbsp;

Furthermore, his lawyers have argued that the industry backed by Standard Chartered and the bank and Grant Thornton have launched this attack on him as a part of a “scheme” to unfairly sue him in the UK which would benefit them, the report indicated.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/uks-home-secretary-suella-braverman-steps-down-over-accidental-national-security-breach-526884">UK’s home secretary Suella Braverman steps down over ‘accidental’ national security breach</a>

However, the lawyer for Grant Thornton has reportedly accused Mehta of making up issues where there are not any. Meanwhile, the spokespeople for both companies have declined to comment on the story. The court is set to give its ruling in the coming weeks, said the report.&nbsp;

Mehta’s case was one of the most high-profile bank fraud cases in India’s diamond industry. A series of fraud allegations have reportedly left an $8 billion hole in the country’s banking system, said the report. The diamond industry in India is responsible for cutting and polishing at least 90% of the world’s supply.&nbsp;

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Jatin Mehta, a diamond and jewellery tycoon, is reportedly taking his fight to a London court in the UK to undo a worldwide freeze on his assets after bank fraud allegations.

Jatin Mehta, a diamond and jewellery tycoon, is reportedly taking his fight to a London court in the UK to undo a worldwide freeze on his assets after bank fraud allegations. According to sources, Mehta has been accused of swindling at least 15 money lenders in India out of more than $1 billion which led to a freezing order earlier this year in May. In a court filing last week Mehta’s lawyers alleged that the Indian unit of Standard Chartered and liquidation firm Grant Thornton have indulged in a “sleight of hand” to get the order from courts earlier this year and it is completely unjustified. The lead lawyer, Andrew Hunter, argued that Mehta is “as much the victim of what occurred as the consortium of banks,” said a report by Bloomberg. In 2013, the diamond tycoon was accused of falsely defaulting more than $1 billion in loans to two companies, Winsome Diamonds and Jewellery Ltd. and Forever Precious Diamonds & Jewellery Ltd. also owned by him which left 15 banks unpaid, said the report citing the court filings by lawyers for Grant Thornton. ALSO READ: Nirav Modi does possess means to flee UK, says judge during diamond merchant's bail plea hearing Furthermore, Mehta allegedly also laundered the cash through several firms across the world which was then used to fund the expansion of his laboratory-grown diamond business. According to court filings, Grant Thornton is also acting as a liquidator for the companies which Mehta allegedly used to launder the money and will return any amount recovered to the Indian lenders. On the other hand, Mehta has denied all allegations against him and said that his success in pioneering the business of lab-grown diamonds had threatened the already established diamond industry. The lab-grown diamonds in this case refer to a larger diamond developed from pieces of other diamonds after being exposed to extreme heat and pressure. Furthermore, his lawyers have argued that the industry backed by Standard Chartered and the bank and Grant Thornton have launched this attack on him as a part of a “scheme” to unfairly sue him in the UK which would benefit them, the report indicated. ALSO READ: UK’s home secretary Suella Braverman steps down over ‘accidental’ national security breach However, the lawyer for Grant Thornton has reportedly accused Mehta of making up issues where there are not any. Meanwhile, the spokespeople for both companies have declined to comment on the story. The court is set to give its ruling in the coming weeks, said the report. Mehta’s case was one of the most high-profile bank fraud cases in India’s diamond industry. A series of fraud allegations have reportedly left an $8 billion hole in the country’s banking system, said the report. The diamond industry in India is responsible for cutting and polishing at least 90% of the world’s supply. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Report: Diamond tycoon Jatin Mehta moves UK court to unfreeze assets worldwide after fraud charges

Renowned Indian businessman M.M. Ramachandran, popularly known as 'Atlas' Ramachandran, died in Dubai on Sunday night (October 2) after a cardiac arrest.&nbsp;

As per his family sources, Ramachandran, the managing director of Atlas Jewellery and a film producer, was admitted to a hospital in Dubai a few days ago. His death happened when he was trying to rebuild his business after being released from jail some years ago.

<a href="https://www.wionews.com/india-news/mumbai-police-launches-probe-into-56-chinese-nationals-on-fraud-charges-520773">Also read |&nbsp;Mumbai police launch probe against 56 Chinese nationals on fraud, forgery charges</a>

Once an international success story in the Middle East and in South India, Ramachandran's situation deteriorated in 2015 after he was detained and sentenced to three years in prison in Dubai for alleged financial fraud, particularly on bounced cheques.&nbsp;

The businessman faced alleged defaults of over Rs. 1,000 crores ($10 billion) to the banks, notably the Bank of Baroda. He was one of the main targets of various cases in Dubai brought by Indian and UAE-based banks, the Indian Express reported.

Ramachandran started working for Canara Bank in 1963. In 1966, he relocated to the State Bank of India to work as a probationary officer before joining the bank's subsidiary. In 1974, he began working at the Commercial Bank of Kuwait till 1987.

<a href="https://www.wionews.com/india-news/fraudulent-shell-companies-with-chinese-links-uncovered-in-india-515148">Also read |&nbsp;Fraudulent shell companies with Chinese links uncovered in India, mastermind arrested</a>

Ramachandran entered the gold industry in 1981 and established his first Kuwait showroom, the Atlast showroom. Everything was going fine for him. However, during the Kuwait war, Ramachandran faced a significant loss but recovered all his losses after moving his business activities to the UAE.&nbsp;

In 2010, he directed one Malayalam film, produced several films, and became one of the well-known advertisers in Kerala's media sector. He appeared himself in the ads for Atlas jewellery network, which earned him the nickname 'Atlas' Ramachandran.

The Atlas Group operated 42 showrooms in the Gulf Cooperation Council (GCC) and three in India during its success. The group had a revenue of Rs 8,000 crore ($80 billion) in diverse sectors in 2014 before the empire was devastated. In 2015, the situation deteriorated, and Ramchnadran was detained. He was freed from jail in 2018.

(With inputs from agencies)

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Renowned Indian businessman M.M. Ramachandran, popularly known as 'Atlas' Ramachandran, died in Dubai on Sunday night (October 2) after a cardiac arrest. As per his family sources, Ramachandran, the managing director of Atlas Jewellery and a film producer, was admitted to a hospital in Dubai a few days ago.

Renowned Indian businessman M.M. Ramachandran, popularly known as 'Atlas' Ramachandran, died in Dubai on Sunday night (October 2) after a cardiac arrest. As per his family sources, Ramachandran, the managing director of Atlas Jewellery and a film producer, was admitted to a hospital in Dubai a few days ago. His death happened when he was trying to rebuild his business after being released from jail some years ago. Also read | Mumbai police launch probe against 56 Chinese nationals on fraud, forgery charges Once an international success story in the Middle East and in South India, Ramachandran's situation deteriorated in 2015 after he was detained and sentenced to three years in prison in Dubai for alleged financial fraud, particularly on bounced cheques. The businessman faced alleged defaults of over Rs. 1,000 crores ($10 billion) to the banks, notably the Bank of Baroda. He was one of the main targets of various cases in Dubai brought by Indian and UAE-based banks, the Indian Express reported. Ramachandran started working for Canara Bank in 1963. In 1966, he relocated to the State Bank of India to work as a probationary officer before joining the bank's subsidiary. In 1974, he began working at the Commercial Bank of Kuwait till 1987. Also read | Fraudulent shell companies with Chinese links uncovered in India, mastermind arrested Ramachandran entered the gold industry in 1981 and established his first Kuwait showroom, the Atlast showroom. Everything was going fine for him. However, during the Kuwait war, Ramachandran faced a significant loss but recovered all his losses after moving his business activities to the UAE. In 2010, he directed one Malayalam film, produced several films, and became one of the well-known advertisers in Kerala's media sector. He appeared himself in the ads for Atlas jewellery network, which earned him the nickname 'Atlas' Ramachandran. The Atlas Group operated 42 showrooms in the Gulf Cooperation Council (GCC) and three in India during its success. The group had a revenue of Rs 8,000 crore ($80 billion) in diverse sectors in 2014 before the empire was devastated. In 2015, the situation deteriorated, and Ramchnadran was detained. He was freed from jail in 2018. (With inputs from agencies) WATCH WION LIVE HERE

Indian businessman and film producer 'Atlas' Ramchandran dies in Dubai

An Indian-American president of a now-defunct New Jersey-based marble and granite wholesaler has admitted his role in scheming to defraud a bank in connection with a USD17 million secured line of credit, a US Attorney has said.

Rajendra Kankariya, 61, pleaded guilty by video conference before US District Judge Susan D. Wigenton to committing wire fraud affecting a financial institution.

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President and Chief Financial Officer of New Jersey Company Charged with $17 Million Fraud Scheme: Rajendra Kankariya and Rakesh Sethi have been arrested for allegedly orchestrating and participating in a scheme to defraud a bank. <a href="https://t.co/h5x8j9T5UF">https://t.co/h5x8j9T5UF</a>
— FBI Newark (@FBINewark) <a href="https://twitter.com/FBINewark/status/1204611827100876801?ref_src=twsrc%5Etfw">December 11, 2019</a></blockquote>
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He faces a maximum penalty of 30 years in prison and a fine of USD1 million. Kankariya is scheduled to be sentenced on January 18. 
According to court documents, from March 2016 through March 2018, Kankariya, the president and part owner of Lotus Exim International Inc, conspired with other LEI employees to obtain from the bank a USD17 million line of credit by fraudulent means.

The bank extended the line of credit believing it to have been secured in part by LEI's accounts receivable. In reality, Kankariya and his conspirators fabricated or inflated many of the accounts receivable, ultimately leading to LEI defaulting on the line of credit, prosecutors alleged.

To conceal the lack of sufficient collateral, LEI employees, with the knowledge and approval of Kankariya, created fake email addresses on behalf of LEI's customers so they could pose as them and answer the bank's and outside auditor's inquiries about the accounts receivable.

The scheme involved numerous fraudulent accounts receivable where the outstanding balances were either inflated or entirely fabricated. The scheme caused the bank losses of about USD17 million, a statement issued by US Attorney Craig Carpenito said.

An Indian-American president of a now-defunct New Jersey-based marble and granite wholesaler has admitted his role in scheming to defraud a bank in connection with a USD17 million secured line of credit, a US Attorney has said.

An Indian-American president of a now-defunct New Jersey-based marble and granite wholesaler has admitted his role in scheming to defraud a bank in connection with a USD17 million secured line of credit, a US Attorney has said. Rajendra Kankariya, 61, pleaded guilty by video conference before US District Judge Susan D. Wigenton to committing wire fraud affecting a financial institution. President and Chief Financial Officer of New Jersey Company Charged with $17 Million Fraud Scheme: Rajendra Kankariya and Rakesh Sethi have been arrested for allegedly orchestrating and participating in a scheme to defraud a bank. https://t.co/h5x8j9T5UF — FBI Newark (@FBINewark) December 11, 2019 × He faces a maximum penalty of 30 years in prison and a fine of USD1 million. Kankariya is scheduled to be sentenced on January 18. According to court documents, from March 2016 through March 2018, Kankariya, the president and part owner of Lotus Exim International Inc, conspired with other LEI employees to obtain from the bank a USD17 million line of credit by fraudulent means. The bank extended the line of credit believing it to have been secured in part by LEI's accounts receivable. In reality, Kankariya and his conspirators fabricated or inflated many of the accounts receivable, ultimately leading to LEI defaulting on the line of credit, prosecutors alleged. To conceal the lack of sufficient collateral, LEI employees, with the knowledge and approval of Kankariya, created fake email addresses on behalf of LEI's customers so they could pose as them and answer the bank's and outside auditor's inquiries about the accounts receivable. The scheme involved numerous fraudulent accounts receivable where the outstanding balances were either inflated or entirely fabricated. The scheme caused the bank losses of about USD17 million, a statement issued by US Attorney Craig Carpenito said.

Indian-American pleads guilty in $17 million bank fraud

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Report: Diamond tycoon Jatin Mehta moves UK court to unfreeze assets worldwide after fraud charges

Indian businessman and film producer 'Atlas' Ramchandran dies in Dubai

Indian-American pleads guilty in $17 million bank fraud