Punjab National Bank fraud case: Nirav Modi got Rs 555 crore as suspicious foreign transfer

The Nirav Modi group is engaged in suppressing its real income and evading taxes, an Income Tax probe report has shown.

Published: 20th February 2018 06:21 AM  |   Last Updated: 20th February 2018 06:22 AM   |  A+A-

PNB fraud case

Nirav Modi and Choksi have come under the scanner of multiple agencies in the wake of the nearly Rs 11,400 crore fraud disclosed by state-owned Punjab National Bank. | Reuters

Express News Service

NEW DELHI: The Nirav Modi group is engaged in suppressing its real income and evading taxes, an Income Tax probe report has shown. According to the report, Nirav Modi received almost Rs 555 crore from two firms abroad between March 2013 and April 2014. The department has identified that Rs 271 crore was received by Nirav Modi’s company Firestar International Private limited from Singapore-based Islington International Holdings Pvt. Ltd, whose beneficial owner is stated to be Nirav Modi’s sister, Purvi Mehta.

In the report, accessed by TNIE, the department said: “Incriminating evidence was found and analysis of the same exposed that the group is engaged in suppressing its real income and evading taxes thereupon... The details... have been incorporated in the appraisal report. The search and survey action has led to the detection of the modus operandi adopted by the assessee group.”

According to the department, Nirav Modi’s group was accepting “on money/cash” customers against the sale of jewellery/diamonds, which is over and above the sale consideration recorded in the account books.
Besides the transfer of Rs 271 crore, Nirav Modi’s firm got Rs 284.14 crore from a Mauritius-based company. The source of these funds is “suspicious”.

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