Nirav Modi Paid Rs 48 Crore As Penalty In 2016 For Smuggling Consignments

The Logical Indian Crew

February 16th, 2018 / 1:58 PM

Courtesy: The Times of India Image Credit: The Indian Express

Nirav Modi had to pay a fine of Rs 48 crore in 2016 toward duty and penalty for smuggling. In December 2014, Directorate of Revenue Intelligence (DRI) had intercepted eight export consignments by Firestar Diamond International and Firestar International at the Air cargo complex at Sahar in Mumbai, reports The Times of India.

Nirav Modi was the chairman of both the companies and the SEZs were in Surat. The exports were meant for countries like US, Canada, Hong Kong, etc.


What did they find?

DRI found that the assets in six of the eight boxes were under-declared. The cut and polished diamonds, which were imported duty-free and declared as studded in the jewellery being exported, were not found on the pieces.

The estimate that DRI had was that Rs 1000 crore was under-declared. The duty-free diamonds were also diverted into the market. After a detailed investigation, it was found that Firestar units, along with another Modi firm Radashir Jewellery Company, had substituted the imported diamonds with low quality cheaper ones.

After two different show cause notices, in 2016 the firms paid Rs 48.2 crore, including a penalty of Rs 5.6 crore.  

Nirav Modi is currently under investigation for a Rs 11,360 financial scam.


Also read: 

  1. After Vijay Mallya, Nirav Modi Leaves India After Allegedly Swindling Rs 11,360 Cr From PNB
  2. PMO Was Informed Of The PNB Scam In 2016, FIR Shows Scam Took Place In 2017 Too

Contributors

Written by : Poorbita Bagchi

Edited by : Pooja Chaudhuri

Related Stories

For Transferring Officer Probing Nirav Modi Case, Govt Removes ED Special Director Vineet Agarwal

Nirav Modi Arrested

Nirav Modi Held Up In England’s Most Overcrowded Jail; Non-Bailable Warrant Against Wife

Problems Escalate For Nirav Modi As ED Attaches Properties Worth Rs 147 Crore

Nirav Modi Return

Lawyer States Nirav Modi Not Returning Due To Fear Of ‘Mob Lynching’, ED Dismisses Claims

Nirav Modi Property Seized

ED Seizes Assets Worth 255 Cr Belonging To Nirav Modi In Hong Kong

Nirav Modi

Nirav Modi Travelled Several Countries With His Revoked Passport, Says CBI

Latest on The Logical Indian

News

Gujarat Govt Sets Up Call Centre To “Keep An Eye” On Over 1.95 Lakh School Teachers

Get Inspired

Kerala’s Organic Farmers Association Wins International Award For Innovative Farming Methods

News

Automobile Sales Dropped By 16%, Car Companies To Cut Down Production; Economists Say Worrying Sign

News

Worst Humanitarian Crisis Grips Yemen, 18.4 Million Yemenis Face The Risk Of Death Due To Famine

Exclusive

Two Manipuri Transgenders Raped At Knifepoint In Bengaluru; Three Arrested

News

With NDA Predicted To Win 2019 General Elections, Know All About Exit Polls

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.