BUSINESS
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)
Nita Ambani stuns in floral co-ord set while Anant, Mukesh Ambani go casual in Dubai
Indian Railway to launch this 'SUPER APP', passengers can now..., know details here
Who is Rashmi Shukla, IPS officer whom EC removed as Maharashtra DGP?
This village in India allows men to have two wives, living under one roof due to…
AUS vs PAK, 1st ODI: Australia beat Pakistan by 2 wickets to take 1-0 lead in series
Singham Again’s sole aim is to entertain, it’s not Hindutva propaganda
Delhi pollution: 'Why firecracker ban was not implemented during Diwali,' SC asks police, govt
IPL 2025 mega auction likely to be held in Riyadh on these dates
Big update on Reliance Jio IPO as Mukesh Ambani eyes THIS date
EC reschedules UP, Punjab, Kerala bypolls from Nov 13 to...
Coldplay's Chris Martin falls through stage trap door while performing live in Australia
Meet man, who is rising star in Tata Group after Ratan Tata's death, now tasked with...
'Nice handwriting': Internet reacts to Elon Musk's physics homework from his college days
AIIMS INI CET 2025 admit card releasing today at aiimsexams.ac.in; when and how to download
Sustainability Meets Innovation via uPVC: Industry expert shares experience
Promoting innovation in engineering education
AP TET 2024 exam result declared at aptet.apcfss.in; steps to check
AI-Powered Development: Insights from industry leaders on transforming software engineering
Another BIG move by BSNL, now set to provide tough competition to Jio, Airtel, Vi by...
Uttarakhand Bus Accident: 36 dead after bus falls into gorge in Almora; rescue operations underway
Bigg Boss 18: Vivian D'Sena accuses Chahat Pandey of pooping on floor, latter loses her cool
One of India's best wicketkeepers set to retire after this season, won't play IPL too, he is...
Research shows awe-inspiring details about Black Holes, they can...
US Presidential Election 2024: Harris vs Trump goes down to the wire, say polls
AP TET 2024 exam result to be declared today on aptet.apcfss.in, when and how to check
Shampoo, tea, biscuits, oil to get costlier soon? FMCG firms caution price hike as...
Swiggy fined Rs 35000 for duping Hyderabad customer by doing THIS
Delhi pollution: Air quality in Delhi-NCR further deteriorates, AQI hits 'severe' level
Indian mission condemns attack on Hindu devotees at Canada temple by ‘anti-India’ elements
'Upar se leke neeche tak...': Bigg Boss 18's Kashish Kapoor, Eisha Singh get into ugly spat
Man grows 500 kg pumpkin, uses it as boat to sail 70 km, SEE PIC
Devotees at Banke Bihari Temple drink AC water believing it to be 'Charan Amrit'; WATCH viral video
Bank Holidays in November: Banks to remain closed for four days in THESE states, full list here
Bhool Bhulaiyaa 3: Kartik Aaryan's mother struggles to get tickets, hilarious video goes viral
Mumbai Police arrest Maharashtra woman for hoax death threat to UP CM Yogi Adityanath
Kriti Sanon avoids posing with rumoured boyfriend Kabir Bahia at Mumbai airport, video goes viral
This is world's most expensive house, twice price of Mukesh Ambani's Antilia, it is located in...
SC to hear today Delhi govt's plea against vesting LG with power to appoint...
Viral video: Girl’s sizzling dance to ‘Taareefan’ song earns praise from netizens, watch
Watch: Elderly couple's heartwarming dance at Mohit Chauhan's Patna concert goes viral
This is India’s most expensive wedding card, made from real gold and silver, it costs Rs…
Viral video: Men’s mid-air stunt, twerk on Mumbai local train leaves netizens in splits, watch
Kartik Aaryan reveals details about his new 'girlfriend': 'Her name is...'
Delhi pollution: Air quality worsens in capital, AQI worst in India at...
Singham Again movie review: Ajay Devgn, Akshay Kumar, Ranveer Singh's high octane actioner
Pune: 35-year-old man killed by speeding car while bursting firecrackers on Diwali, video surfaces
Shah Rukh Khan makes BIG revelation on his birthday, says he has quit...
‘Against the principles of…’: Vijay-led TVK passes resolution against One Nation One Election
Watch: Two Delhi traffic police personnel dragged for 20 metres, case filed
Delhi-NCR pollution: Targeted measures enforced under GRAP for 16 days from...
AUS vs PAK Live Streaming: When and where to watch Australia vs Pakistan 1st ODI in India?
Viral video: Man casually lies on Delhi metro floor, leaves netizens divided
'No justification for..' J-K CM Omar Abdullah reacts to Srinagar terrorist attack
Who is Sunil Lulla, on whom Sebi imposed Rs 5000000 fine for violating market norms?
This bank's UPI services will NOT work for two days in November due to...; check details
Arjun Kapoor's Ravana overpowers Ajay Devgn's Rama in Rohit Shetty's Ramayana-inspired Singham Again