DRI initiates prosecution against NiMo in SEZ case for diversion of imported diamonds

The problem seems to be mounting on the beleaguered diamond czar Nirav Modi as the Directorate of Revenue Intelligence (DRI) has initiated probe against him in SEZ case for diversion of imported diamonds and the trial is expected to be launched shortly. The case was registered during 2014-15 and the sources told the Free Press Journal that the draft complaint has been forwarded to the jurisdictional commissionerate in Surat for filing in the appropriate court of law.

“Nirav Modi, Firestar Diamond International, Firestar International Pvt Limited, and Radhashir Jewellery Company Limited have been found to be fit to be prosecuted under Sections 132, 135(1)(a), 135(1)(b), 135(1)(i) of Customs Act, 1962 and Section 120-B of IPC, 1860. If convicted, the quantum of punishment as per Section 135(i)(D) of the Customs Act, 1962 is upto seven years imprisonment. The trial is expected to be launched shortly,” a senior official from DRI told the Free Press Journal. The Mumbai Zonal Unit (MZU) of DRI had intercepted an export consignment of diamond studded jewellery on December 05, 2014 at Air Complex Cargo, Sahar in Mumbai after the DRI team received a specific intelligence that Fire Diamond International Pvt. Ltd. based in SEZ, Surat was exporting diamond studded jewellery by overvaluing the same. “Six consignments of Firestar Diamond International Pvt. Ltd. (FDIPL) and two consignments of Firestar International Pvt. Ltd. (FIPL), destined for USA (1), Canada (1), Hong Kong (3) and Dubai(3) were detained. On examination of the said consignments, it was revealed that except the consignments destined for USA and Canada, goods destined to the other destinations Hong Kong and Dubai (four pertaining to FDIL and two pertaining to FIPL) were found to be grossly mis-declared in quantity and value, mainly of Cut and Polished Diamonds (CPD), studded within the jewellery covered under six shipping bills,” added the DRI officer.