I-T report red-flagged Nirav Modi, Choksi dealings months before PNB scam

The crucial report was finalised eight months before the PNB scam came to light, but was not shared with other agencies as there was 'no protocol' for sharing this at that time

A crucial Income Tax investigation report, prepared 8 months before the PNB scam, on fugitive diamond jewellers Nirav Modi and Mehul Choksi highlighting bogus purchases, huge over-valuation of stocks, suspicious payments to relatives, dubious loans among other information was not shared with other law enforcement agencies as there was “no protocol”, The Indian Express has reported.

The report said the tax department, before February 2018, also did not share its findings through the Regional Economic Intelligence Council (REIC), a mechanism for sharing of information between various law enforcement agencies

The tax department report on Nirav Modi and Mehul Choksi, which