India Abroad

Arrest Warrant Issued Against Absconding Diamond Merchant Nirav Modi

ANANYA BHATNAGAR | 0
5518
| June 24 , 2018 , 14:19 IST

An arrest warrant was issued against absconding diamond merchant Nirav Modi on Sunday in connection to the case involving to evasion of customs duty. The case is registered by the Directorate of Revenue Intelligence.

In March, the Mumbai DRI had registered the case against Modi and his firms based in the Surat Special Economic Zone for allegedly selling diamonds and pearls worth Rs 890 crore, meant for export, in the domestic market.

The Chief Judicial Magistrate issued a warrant on Friday under Section 70 of the Code of Criminal Procedure (CrPC) Act, 1973. The prosecution in the case was filed by the DRI in the month of March this year.

Directorate of Revenue Intelligence (DRI) had intercepted the consignments at Air Cargo Complex, Sahar, Mumbai, destined to Hong Kong and Dubai, which were found to be grossly mis-declared in their quality, quantity, and value, mainly that of Cut & Polished Diamonds (CPD) in December 2014.

The freight on board value of the diamond for the said consignments was declared as Rs. 43.10 crores, while the official value ascertained was found to be only Rs. 4.93 crores.

During the course of investigation it was found that three companies of Nirav Modi Group namely M/s Firestar International Pvt. Ltd. (FIPL), M/s Firestar Diamond International Pvt. Ltd. (FDIPL) and M/s Radashir Jewellery Co. Pvt. Ltd. (RJCPL) were indulged in the diversion of duty free imported goods, CPDs, and pearls.

After the completion of the investigation prosecution under Section 132, 135, along with Section 140(1) of the Customs Act, 1962 and under Section 120(B) of the Indian Penal Code, 1860 was registered against Nirav Modi and his three companies.