Nirav Modi Ltd, is a subsidiary of the main firm with the same name. However, the firm says that it has nothing to do with Nirav Modi
It seems that trouble hasn’t left diamond jeweler Nirav Modi, as a London-based charted accountant firm that audited his finances is named in the Panama Papers, the Times of India reported
Dattani Charted Accountants based out of College Road, Harrow in London audited Nirav Modi Ltd’s finances, the report added. Nirav Modi Ltd is a subsidiary of the main company of the same name registered in Hong Kong. It is not registered in India.
Nitin Dattani, the owner of the firm admitted that while he had audited the accounts for Nirav Modi Ltd, he claimed that it had nothing to do with Nirav Mod. “We took instructions from the directors of Nirav Modi Limited and they were not Nirav Modi and the ownership of Nirav Modi Limited is not Nirav Modi either. I have no knowledge of Nirav Modi," he told the daily.
Although he admitted his accountancy practice had been named in the Panama Papers leaks, he claimed it was a mistake.
"This link between us and the Panama Papers is a mistake. We have not acted as an intermediary for any company mentioned in the Panama Papers. We may have done their tax returns but we were not involved in establishing them. I have written to the concerned people to complain," he stated.
The finance ministry had last week said the fresh revelations under the 'Panama Paper Leaks' are being looked into by the Multi Agency Group (MAG), which includes the tax department and the Reserve Bank.
The 'Panama Paper leaks' were originally revealed by the International Consortium of Investigative Journalists (ICIJ) on April 4, 2016, following which, the Indian government had set up the MAG to probe the matter.
As per a report in a section of media, more than 1.2 million fresh documents, of which about 12,000 are linked to Indians, have come to light.
"The fresh release made in the media today under the Panama Paper Leaks' is being promptly looked into by the law enforcement agencies under the aegis of the MAG already constituted for facilitating coordinated and speedy investigation," the ministry said in a release.
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