For a year, they have been raising queries and despite trying to satisfy them, the Interpol hasn’t issued an RCN. Winsome, however, had said it was a victim of conspiracy.Winsome had imported gold on the back of standby letters of credit (SBLC), or guarantees. The SBLCs were issued by Indian banks in favour of international bullion banks which supplied gold to Winsome and Forever. The two companies used the gold to make jewellery that was exported to 13 UAE clients who never paid following the derivative losses. The arrangement was that Winsome and Forever would repay banks after receiving payments from the overseas buyers.

Source: Economic Times June 13, 2019 01:41 UTC