DRI registers case against Nirav Modi for diverting diamonds

In 2014, DRI had booked a similar case of customs duty evasion against the 3 SEZ companies of Nirav Modi Group situated at Surat.

Published: 20th March 2018 11:39 PM  |   Last Updated: 20th March 2018 11:39 PM   |  A+A-

Nirav Modi (Photo | Reuters)

SURAT: The Directorate of Revenue Intelligence (DRI) on Tuesday lodged a case against Nirav Modi for allegedly diverting diamonds and pearls worth Rs 890 crores from Special Economic Zone units located in Surat. 

"This case is about the diversion of duty-free goods by the SEZ units of Nirav Modi Group of companies — Firestar Diamond International Pvt. Ltd., Firestar International Pvt. Ltd. etc. situated at Surat and Jaipur. These units are into import and export of diamonds, pearls, and jewellery," read an official statement. 

In the units situated at SEZ, goods are allowed to be imported duty-free for the purpose of export. 

"The investigation done so far has revealed that there was the difference in the declared stock value of the diamonds and pearls in the SEZ units when compared with the ascertained actual value of the same. This clearly indicates that certain stock of these goods has been diverted to domestic tariff area," it added.

In 2014, DRI had booked a similar case of customs duty evasion against the 3 SEZ companies of Nirav Modi Group situated at Surat. The companies had paid Rs. 48.21 crore in that case.

In relation to the cases, booked on 2014, the prosecution has already been launched against  Nirav Modi and his three companies, for offences under section132 and 135 of the Customs Act, 1962.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp