Jatin Mehta: the quiet fugitive behind a billion-dollar vanishing act
Jatin Mehta orchestrated a billion-dollar banking fraud, building Winsome Diamonds before quietly fleeing India as his empire collapsed. He meticulously planned his escape, acquiring Saint Kitts and Nevis citizenship, leaving Indian banks with over ₹6,800 crore in liabilities and investors with worthless shares. Mehta used a scheme involving Standby Letters of Credit and 13 controlled UAE importers to siphon funds. Despite ongoing international litigation and freezing orders, a substantial portion of the money remains unrecovered. Mehta, described as the "ultimate ghost of Indian corporate banking," continues to evade justice, highlighting a precision-planned vanishing act built into his business strategy.
LiveMint · Sundeep Khanna · Aug 15, 2026 at 2:01 AM