PNB scam: I-T dept issues notices against 26 people; ED seizes assets

ED has also seized nine luxury cars belonging to Nirav Modi and his companies

The Income Tax department has issued notices against 26 people who allegedly purchased diamond jewellery worth Rs 2.52 billion in cash from Nirav Modi’s group. According to the sources, these individuals made cash transactions with the jewellery firm between Rs 10 million and Rs 50 million in 2016-17.

Sources said the department has sought explanation on “nature and source” of transactions with Modi group firms purchase of jewellery. And, demanded furnish detail of mode of payment made to the firm. 

“Non-satisfactory answers would entail penalty and prosecution,” said an I-T official.

The department also made provisional attachment of special economic zone unit of