When the Income Tax department raided Nirav Modi's companies last year, they had stumbled upon a list of high-profile personalities who were making cash purchases from his jewellery stores.
Billionaire diamantaire Nirav Modi, who is now in the eye of the storm for allegedly cheating a PSU bank of Rs 11,400 crore, was raided by the Income Tax department last over suspicion of tax evasion. The I-T sleuths had stumbled upon a list of high-profile personalities who were making cash purchases from his jewellery stores.
According to a report in the Times of India, the list also contained names of politicians and provided the tax officials some useful information about them.
Companies linked to Nirav Modi and Mehul Choksi were raided by tax officials amid the post-demonetisation crackdown on sectors where cash was regularly used to buy jewellery and high-value goods. The I-T department unearthed evidence of widespread use of cash to mask actual amounts paid.
"A part of the payment was made by cards or cheque and a large amount was in cash," an official said.
The information will also be useful for authorities as they try to build a case against Modi and Choksi who are on the run over alleged bank fraud.
The Enforcement Directorate (ED) on Friday raided six more premises linked to Nirav Modi in Mumbai, Pune, Kolhapur and Nagpur in Maharashtra.
On Thursday, authorities had conducted searches various properties belonging to Modi including two residences of his and his wife Ami.
Assets worth Rs 5,649 crore have reportedly been seized in the raids.
“On Thursday, we had seized jewellery, gold, diamond, precious metal and stones at a stock price of Rs 5,100 crore. The independent valuation has been started. In Friday’s searches, we seized diamonds, gold and jewellery worth Rs 549 crore. The total seizure is now worth Rs 5,649 crore,” an ED official.
The agency had said it arrived at this figure based on the stock value at showrooms and stores, which is also the price at which the company purchased the goods.
Officials said that both Modi and Choksi have been summoned under the Prevention of Money Laundering Act (PMLA) and asked to depose before the investigating officer of the case here on February 23.
The ED had also moved the external affairs ministry to revoke their passports, following which the MEA suspended it temporarily today.
The agency had registered a PMLA case against the two and others based on a CBI FIR, which was the result of a PNB complaint.
The agency is probing if the allegedly defrauded bank funds were laundered and these proceeds of crime subsequently used by the accused to create illegal assets and black money.
Modi, 46, a regular feature on the lists of rich and famous Indians since 2013, was booked by the CBI, along with wife, brother and Choksi on January 31, for allegedly cheating the state-run PNB to the tune of Rs 280 crore.
The bank subsequently sent two more complaints to the CBI on Tuesday, saying the scam was worth more than Rs 11,400 crore.
(With PTI inputs)
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 "A Nirav Modi jewellery showroom at Defence Colony area of New Delhi on Thursday")
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