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Nirav Modi illegally sold diamonds worth ₹1,200 cr: I-T
short by Krishna Veera Vanamali / on Tuesday, 20 February, 2018
The Income Tax Department has found that Nirav Modi's firms illegally diverted ₹1,216 crore worth diamonds intended for exports to the domestic market for huge profits in FY17. The firms, which had units at Surat Special Economic Zone (SEZ), allegedly exported low-quality diamonds abroad to keep up appearances. The department found the companies claimed illegal tax deductions on export profits.
read more at Quint