suspected diamond and gold fraudster wanted in India over a $1 billion scam has been found in London enjoying an “expensive lifestyle” with his family, the High Court has been told.
Jatin Mehta is alleged to have carried out a sophisticated fraud with his wife and sons and one other conspirator to plunder a fortune from an Indian gold bullion and jewellery manufacturer and a diamond company.
The alleged 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 to “conceal the process of funds to fraudulent destinations”.
When authorities in Delhi began investigating, Mr 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 the High Court has been told that they have “been discovered to be living in three houses in London — in St John’s Wood, Maida Vale and Hampstead Garden Suburb”.
The revelations came as a hearing was held at the High Court following a US $1 billion worldwide freezing order against Mr Mehta, his wife Sonia, their sons Vishal and Suraj, and business associate Haytham Obidah.
It is based on allegations that the Mehta family was responsible for a “highly sophisticated fraud” from two diamond companies, Winsome Diamonds and Forever Precious Diamonds, controlled by Mr Mehta.
Ian Wilson QC,…
