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

Share your thoughts..

Related Stories

Nirav Modi

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

CBI Joint Secretary Who Supervised The Nirav Modi Probe Transferred To Tripura

About Rs 3 Lakh Crore Loans Of Banks ‘Irreversible’, Says PM’s Advisor Bibek Debroy

Rs 11,400 Crore PnB Scam To Be Investigated By PwC, A Firm Found Guilty In Satyam Computer Scam

Rotomac SCam

Bank Of Baroda Stayed Silent On Rotomac Fraud For 2 Yrs; Approached CBI Only After PNB Scam

Nirav Modi Illegally Diverted Rs 1,216 Crore Of Diamonds Meant For Export From SEZ To Domestic Market, Reveals IT Dept Probe

Latest on The Logical Indian

News

Maharashtra: Farmers Receive Recovery Notices For Rs 40-50 Lakh Loan Each Which They Never Took

News

With The Killing Of Two Sadhus, Violence Erupted In UP’s Auraiya; Two Policemen Suspended

Environment

This Top Level Drug Scientist Left His High Profile Job In US To Promote Organic Farming In His Village

News

Gauri Lankesh Murder Suspect Confesses To Involvement In Kalburgi Murder Plot

My Story

My Story: “I Was In Deep Sleep When I Felt Weird Sensation,”This Brave Girl Has Message For Those Who Have Suffered Abuse

News

Two Kids Break Piggy Banks To Donate Entire Money For Kerala Relief Fund

x

Stories that deserve attention, delivered to your inbox!

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