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Nirav Modi declared absconder for evading duty on imports of diamonds

The DRI alleged that duty-free diamonds and pearls imported by these companies were secretly sold in local markets

Press Trust of India  |  Surat 

Nirav Modi had attributed his inability to pay the dues to PNB's haste in going public about the matter. File photo
File photo of Nirav Modi

A court in Wednesday declared as an absconder in a case filed against him by the Directorate of case (DRI) for allegedly evading duty on import of diamonds.

Chief Judicial B H Kapadia declared an absconder in a case filed against him in December 2014 by the zonal unit of the

As per the DRI, Modi's companies, located in the (SEZ), were allegedly involved in duty evasion.

told the asked to present himself before the court by November 15, or else the would be permitted to take further action against him.

The had moved an application under the seeking that the diamond merchant be declared an absconder as an arrest warrant against him could not be executed.

Modi fled the country this Jaunary before an alleged multi-billion dollars fraud at came to light and the CBI registered a case against him.

The case in pertains to diversion of duty-free imported diamonds and pearls by International Pvt. Limited, Pvt Ltd, and Radashir Jewellery Company, all situated in Surat and owned by Modi.

In the Surat SEZ, goods can be imported duty-free on the condition that they will be exported after value-addition (such as polishing and cutting of raw imported diamonds).

The DRI alleged that duty-free diamonds and pearls imported by these companies were secretly sold in local markets, and in their place locally produced products were exported.

An export consignment seized by the DRI from Cargo in was found to be highly overvalued.

First Published: Wed, October 10 2018. 23:05 IST
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