Income Tax department raids diamond merchant Nirav Modi’s offices and residences
New Delhi, Jan 31: The Income Tax department has raided over 50 offices and residential premises of Nirav Modi, one of India’s top diamond merchants, and seized cash, jewellery and several documents that allegedly reveal tax evasion by Modis firms, said sources familiar with the investigation.
According to sources, the raids were carried out over 10 days ago and lasted for over four days, covering Modis office and residences in Mumbai, premises in Delhi, Jaipur and SEZ units in Surat.
The tax department is probing over half-a-dozen firms of Modi, including Firestar Diamond International Pvt Ltd, Firestar International and Stellar Diamond among others. Modis firms are suspected to have received money from shell companies through real time gross settlement, according to sources.