Indian banks have grudgingly forked out well over 4,000 crore to international bullion banks on behalf of Winsome, a Mumbai-based jeweller, but are unsure whether the money can ever be salvaged.
What makes their job particularly difficult is the absence of adequate securities against exposures to Winsome. This is because last year, the banks had released corporate guarantees and mortgages that the Winsome group had given to obtain credit facilities from the local lenders.
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