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I-T slaps fresh charges against Nirav Modi under new anti-black money law

The latest foreign asset is suspected to be a trust registered in Jersey, located near the coast of Normandy

Press Trust of India  |  New Delhi 

Nirav Modi
File photo of Nirav Modi

The has slapped fresh charges under the new against Nirav Modi, involved in the Rs 114 billion (PNB) fraud, for allegedly holding an illegal asset abroad, official sources said.

According to them, this is the second overseas asset that the taxman suspects has not been disclosed to it by the diamantaire, who is suspected to have left in January.

The had last week slapped sections of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 against last week after it detected that a in was allegedly held by him, which is not disclosed to the tax authorities.

The latest foreign asset is suspected to be a trust registered in Jersey, located near the coast of Normandy. The business trust is being probed for routing funds with alleged links to Modi.

The department is also probing two separate transfer of funds -- Rs 2.84 billion from and Rs 2.71 billion from -- to a firm linked to the diamantaire in

The income tax department, on February 16, had provisionally attached 29 properties and 105 of the diamond merchant, his family and firms as part of its tax evasion probe.

The new deals with cases of overseas illegal assets, which till recently were probed under the Income Tax Act, 1961.

The new legislation has provisions for a steep 120 per cent tax and penalty on undisclosed foreign assets and income, besides carrying a jail term of up to 10 years.

The taxman also had filed a charge sheet against Modi before a special court in under sections 276 C (1) [wilful attempt to evade tax], 277 A (false statement in verification), 278 B (offences by companies) and 278 E (presumption as to culpable mental state) of the Income Tax Act, 1961.

The court will take up the case on February 27.

Tax sleuths also pasted attachment notices at immovable properties of Modi, his wife and his firms located in Mumbai, Surat, and

In the capital, the properties that have been provisionally attached pending assessment, include Modi's premises in the posh Peddar road area, Worli, Bandra, Lower Parel and Opera House.

A total of 105 of Modi, his family and companies have also been attached, they said.

"These attachments have been made keeping in view the huge demand which is likely to be raised in the assessment proceedings which are underway in the case of Nirav Modi, his family members and group concerns," an I-T report, accessed by PTI, had said.

The I-T had first raided Modi in January last year on charges of alleged tax evasion.

Modi, his uncle and others are accused in a Rs 11,400-crore fraud involving the

First Published: Tue, February 20 2018. 21:20 IST