The Enforcement Directorate (ED) has formally approached the United Arab Emirates (UAE) seeking details of business dealings of the Winsome Group, with a loan default of Rs. 7,000 crore, the second highest after Kingfisher Airlines.
Sources said a letter rogatory (LR) seeking information from UAE authorities has been issued.
Winsome Group has claimed that it defaulted on the loan because its buyers had in turn defaulted.
And these buyers are all based in UAE, and suffered from global financial troubles.
However, Winsome is under investigation under the Prevention of Money Laundering Act (PMLA) by Enforcement Directorate and for suspected criminal conspiracy by the Central Bureau of Investigation.
