Entering the investigation, the Department of Revenue Intelligence (DRI) on Tuesday lodged a case against absconder diamantaire Nirav Modi for diversion of diamonds and pearls worth Rs 890 crore from SEZ to domestic markets.
The case pertains to diversion of duty-free diamonds/pearls by the SEZ Aunits of Nirav Modi's group companies - Firestar Diamond International Pvt Ltd, Firestar International Pvt Ltd and others situated in Surat, Gujarat, and in Jaipur, a DRI statement said.
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 allowed duty-free for export purposes.
According to current investigations, the DRI found a discrepancy in the declared stock value of the diamonds/pearls in the SEZ units when compared with the ascertained actual value of the goods, indicating 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, said the DRI.
Earlier, in 2014, the DRI had booked a similar case of customs duty evasion against three SEZ companies of Modi - Firestar Diamond International Pvt Ltd, Firestar International Pvt Ltd and Radashir Jewellery Co Pvt Ltd, Surat.
After that, the companies shelled out Rs 48.21 crore of custom duties including interest and penalty. Modi and the three companies are being prosecuted under the Customs Act, 1962.
Modi, his group companies and business associates are facing investigation by the Central Bureau of Investigation (CBI), Serious Fraud Investigation Office (SFIO) and Enforcement Directorate for their role in the Rs 13,500 crore fraud involving the Punjab National Bank's Mumbai branch.
--IANS
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