MUMBAI: Former Forever Diamond director Hasmukh Shah was sent to a 14-day police custody on Tuesday in connection with the Winsome Diamonds fraud case.
The Central Bureau of Investigation (CBI) arrested the former Director and authorised signatory of Forever Precious Jewellery and Diamonds Ltd (Winsome Diamonds Group) after the premier investigation agency in April last year booked the group, its promoter Jatin Mehta, and other related companies in six cases.
According to the CBI, Shah was a close confidante of Mehta and looked after the export-import operations of the company. He was also allegedly liaising with the banks.
After over Rs 12,000-crore Punjab National Bank scam, involving celebrated diamantaire Nirav Modi and Gitanjali Gems promoter Mehul Choiksi, Winsome Diamonds promoter Mehta is estimated to be the second biggest defaulter in Indian corporate history.