PNB Fraud: DRI initiates prosecution against Nirav Modi, three firms

The Directorate of Revenue Intelligence (DRI) has initiated prosecution against Nirav Modi and his three firms for alleged duty evasion as per guidelines of Central Board of Excise and Customs (CBEC) for Ministry of Finance. The Directorate General of Revenue Intelligence (DGRI) sanctioned the probe for alleged misdeclaration of value and quantity of the imported Cut and Polished Diamonds, Pearls, etc to the Customs.

According to DRI, Nirav Modi and his three firms — Ms.Firestar Diamond International, Ms. Firestar International Pvt Limited and Ms. Radhashir Jewellery Company Limited — have been accused of misdeclaration of value and quantity of the imported Cut and Polished Diamonds, Pearls, etc to Customs, thus rendering such goods liable to confiscation, diversion of the duty exempted goods to the domestic tariff area clandestinely, falsification of documentation and submission of such documents to Customs, violation of the rules of “authorised operations” of SEZ and causing loss of Customs Duty to the government by their acts.