Another Mallya in the making? A wait of two years and lenders receive peanuts from Winsome group

While everyone is busy keeping an eye on $4, who has been in news for his transit from India’s liquor baron to its $4, one also needs to know the developments in the gold and $4 that stands close behind Mallya in loan defaults.

After a long wait of two years, lenders to Winsome group have received about $150,000, which is a too little a fraction when compared to the billion dollar outstanding loan. The money has come from the Middle East clients of Winsome group and a group firm Forever.

Winsome spokespersons and its promoter Jatin Mehta have maintained their stand of being unable to repay banks the loans of Rs 6,800 crore because of non-payment by overseas customers who have lost heavily on gold and currency derivative bets. However, no bank has bought what looks like a cooked-up excuse.

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