Nirav Modi Declared Absconder In DRI Case

Prime accused in Rs 13,000 crore PNB-scam, Nirav Modi is in trouble again but this time from DRI (directorate of revenue intelligence). He was booked in a case of diversion of Diamonds/Pearls from SEZ units of Surat by Mumbai zonal unit of DRI.

According to DRI, this case was about the diversion of duty-free imported goods by the SEZ units of Nirav Modi Group of companies viz. Firestar International Pvt. Ltd., Firestar Diamond International Pvt. Ltd. and Radashir Jewellery Comp. Pvt., Ltd. all situated in Surat. These units were into import and export of diamonds, pearls, and jewellery.

In the units situated at SEZ (Special Economic Zone), goods are allowed to be imported customs duty-free for the purpose of export. However, during the investigation by the DRI, it was revealed that the duty-free diamonds and pearls imported by the companies of Nirav Modi were clandestinely diverted into the local market and substituted by the locally procured diamonds and pearls.

The companies had paid Rs. 48.21 crores (customs duty along with interest and penalty) in that case. During the investigation, DRI also seized the export consignments ready for dispatch for Hong Kong and Dubai, lying at Sahar Air Cargo, Mumbai, which was highly overvalued.

READ: PNB Allowed To Recover Rs 523 Through Sale Of Nirav Modi's Assets

On 22 June 2018, The Chief Judicial Magistrate, Surat, had issued an arrest warrant against Nirav Modi. As he was not available at his known addresses and was found absconding, an application under Section 82 Cr.PC (Proclamation for person absconding) was moved before the court on 8 August 2018. On October 10, the court declared Nirav Modi an absconder. This will enable DRI in addition to other things to attach his properties.

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Apart from evading to pay customs duty, Nirav Modi was also known to sell fake diamonds to his clients. During the PNB scam investigation, agencies have found that Nirav had cheated many of his clients by selling them fake diamonds. Not only Nirav, but his uncle Mehul Choksi was also allegedly in fake diamond business. Both have reportedly made crores of rupees by selling fake diamonds. Currently, Nirav Modi is in London & government is trying to bring him back to India.