DRI chases Nirav Modi for 'diverting duty-free' diamonds
DH News Service, Mumbai, Mar 20 2018, 23:55 IST
Nirav Modi
The Directorate of Revenue Intelligence on Tuesday filed a case against fugitive diamantaire Nirav Modi for 'diversion' of duty-free diamonds and pearls worth Rs 890 crore from SEZ to domestic tariff markets.
The case registered by DRI Mumbai zonal unit pertains to alleged diversion of duty-free diamonds/pearls by the SEZ units of Nirav Modi's group companies – Firestar Diamond International Pvt Ltd, Firestar International Pvt Ltd and others situated in Surat in Gujarat and Jaipur in Rajasthan.
These units, which are into the business of import/export of diamonds, pearls and jewellery, are situated in the Special Economic Zone, where the goods are duty-free for export purposes, according to a DRI statement.
The DRI found discrepancy in the declared stock value of the diamonds/pearls in the SEZ units when compared with the ascertained actual value of the goods, clearly indicating that certain stocks were diverted to the domestic tariff area illegally.
A scrutiny of available documents showed that goods worth around Rs.890 crore, involving customs duty of Rs.52 crore, were apparently 'diverted' by the SEZ units of Modi's group companies to the domestic markets, it said.
The case registered by DRI Mumbai zonal unit pertains to alleged diversion of duty-free diamonds/pearls by the SEZ units of Nirav Modi's group companies – Firestar Diamond International Pvt Ltd, Firestar International Pvt Ltd and others situated in Surat in Gujarat and Jaipur in Rajasthan.
These units, which are into the business of import/export of diamonds, pearls and jewellery, are situated in the Special Economic Zone, where the goods are duty-free for export purposes, according to a DRI statement.
The DRI found discrepancy in the declared stock value of the diamonds/pearls in the SEZ units when compared with the ascertained actual value of the goods, clearly indicating that certain stocks were diverted to the domestic tariff area illegally.
A scrutiny of available documents showed that goods worth around Rs.890 crore, involving customs duty of Rs.52 crore, were apparently 'diverted' by the SEZ units of Modi's group companies to the domestic markets, it said.