Arrest warrant against Nirav Modi in customs evasion case

June 24, 2018 14:32

An arrest warrant has been issued against absconding diamantaire Nirav Modi in connection with the case of evasion of Customs duty, registered by the Directorate of Revenue Intelligence.

The warrant was issued under Section 70 of the Code of Criminal Procedure Act, 1973, by the Chief Judicial Magistrate, Chief Court of Surat, on Friday.

A prosecution in the case was launched by the DRI before the Surat Court in March this year.

In December 2014, the DRI, on a specific intelligence, 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).

Freight on Board (FOB) value of the diamond for the said six consignments was declared as Rs. 43.10 crores, whereas the official value ascertained was found to be only Rs. 4.93 crores.

During further investigation, the DRI officers found that three companies of Nirav Modi Group - 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, all three units were located in Surat.

The total diversion of duty-free goods (CPD and pearls) was found to be Rs. 1205 crore, while the total customs duty along with interest and penalty recovered on such diversion was Rs. 48.21 crore.

After completion of the investigation and other proceedings (recovery of customs duty along with interest and penalty), Prosecution under Section 132, 135, read with Section 140(1) of the Customs Act, 1962 and under Section 120(B) of the Indian Penal Code, 1860 was launched against Nirav Modi and his three companies.

-- ANI

« Back to LIVE

TOP STORIES

IPL PIX: Clinical KKR outclass MI; inch closer to play-offs!

Kolkata Knight Riders outclassed Mumbai Indians by 24 runs in the IPL 2024 match on Friday.

7 Adani group firms have received Sebi show cause notices

Seven out of the 10 listed firms of Adani group have received show cause notices from the Securities and Exchange Board of India (Sebi) for alleged violation of related party transactions and non-compliance with listing regulations, the...

We may consider interim bail to Kejriwal ahead of LS polls, SC tells ED

A bench of justices Sanjiv Khanna and Dipankar Datta told Additional Solicitor General SV Raju, appearing for the Enforcement Directorate, that the hearing on Kejriwal's plea against arrest is likely to take time and therefore, the court...

Here's what EC has to say on delay in voter turnout figures

This is for the first time the EC has officially come out with a statement on allegations of delay in sharing turnout data.

Apple logs strong double-digit growth in India

Apple grew at a strong double-digit rate in India, hitting a new March quarter revenue record in an "incredibly exciting market", even though the tech titan's overall quarterly revenue declined 4 per cent. Apple's India showing earned...