IT dept to scrutinize 50 HNI buyers of NiMo's jewellery

Agencies
July 14, 2018

New Delhi, Jul 14: The Income Tax Department has decided to re-assess the ITRs of over 50 high net-worth individuals (HNIs) who purchased costly jewellery from firms owned by absconding diamantaire Nirav Modi, official sources said on Friday.

They said the taxman decided to initiate the step after a number of people, it sent notices asking them to explain the source of income for the purchase of the jewellery, denied any cash payment made by them to Nirav Modi's firms.

Officials said the department has gathered documents that indicate that these select buyers of high-end jewellery had split the total payment for diamond jewellery, by paying a part through cheque or card (debit/credit) and the rest in cash.

In reply to the tax notices, most of the people said that they did not make any cash payment, but this version does not corroborate with the data obtained by the IT Department vis-a-vis the sales made by the firms of Nirav Modi.

It has been found from the company books that payments were received after splitting them into cash and cheque/card transactions, officials said, hence it is essential to re-assess the income tax returns (ITRs) of these over 50 people beginning from the 2014-15 assessment year.

They said if discrepancies of concealed cash payments are found, which in some cases may be in several lakhs, the HNIs will be charged for tax evasion and subsequent action will be initiated.

Some more cases of this nature are under preliminary probe, the officials said.

The department had recently conducted searches on the premises of a Rewari-based hospital group, related to the family of Swaraj India leader Yogendra Yadav after it was found that the owners of the firm allegedly made a part-cash and cheque payment against the purchase of jewellery from a Nirav Modi firm.

The tax department has already filed a charge sheet against Nirav Modi and others before a Mumbai court for alleged tax evasion.

Nirav Modi and his uncle Mehul Choksi are also being investigated by the Enforcement Directorate and the CBI after it was detected that they allegedly cheated Punjab National Bank of more than Rs 13,400 crore with the purported involvement of a few of its employees.

The scam, which reportedly began in 2011, was detected in January this year, after which PNB officials reported it to the probe agencies.

Two criminal complaints were filed by the ED in these instances after taking cognisance of CBI FIRs.

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News Network
November 27,2024

Mangaluru: A five-year-long pursuit of justice continues for several youths from Dakshina Kannada who fell victim to a fraudulent food delivery job scam in Kuwait. The victims, lured by promises of lucrative overseas employment, now find themselves entangled in legal battles and financial ruin.

In a recent development, the Enforcement Directorate (ED) summoned the victims to its Mangaluru office as part of the ongoing investigation. The case, which dates back to May 28, 2019, was initially registered at the Mangaluru North police station based on a complaint filed by Usman, a resident of Jalligudde. His brother, Aboobakkar Siddique, was among the 34 victims duped by Manikya Associates, a recruitment agency operated by Prasad Shetty.

According to the complaint, the victims were promised jobs as food delivery executives in Kuwait with a salary of ₹40,000 per month. “I paid ₹80,000 to the agent and ended up spending seven harrowing months in Kuwait without any salary,” shared a victim who now works in construction. Another victim, now employed as a driver, said, “I dreamt of working abroad to support my family. I even pledged jewelry to pay the fees, but it took me years to recover financially.”

The victims allege that they were left stranded in Kuwait in January 2019 after completing all formalities. With no jobs and mounting expenses, their ordeal lasted seven months. They were eventually repatriated with the help of Indian expats and the Embassy of India in Kuwait, just two months after the complaint was filed.

The ED investigation is reportedly progressing, and victims said they were assured that their payments to the agent would be refunded soon. An ED official confirmed that efforts to ensure justice are ongoing.

For these youths, the pain of shattered dreams and financial losses has lingered for years, with many still struggling to rebuild their lives. As they await justice, their plight serves as a cautionary tale about the perils of fraudulent recruitment schemes.

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News Network
November 19,2024

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News Network
November 25,2024

Udupi: Six junior artists from the prequel of Kannada blockbuster film ‘Kantara’ were injured, when the bus they were travelling in overturned in the district, police said on Monday.

According to police, the accident occurred near Jadkal on Sunday night when the mini-bus carrying the crew of the film overturned.

“The incident happened while they were returning to Kollur after completing the shoot at Mudoor in Jadkal. The mini-bus was carrying 20 junior artistes when it met with the accident,” a police officer said.

The injured were rushed to hospitals in Jadkal and Kundapur for treatment, they said.

The Kollur police are investigating the matter.

"The news making rounds is completely false. The Kantara: Chapter 1 team began shooting at 06:00 AM today, and everything is proceeding as normal. A minor accident occurred 20 kilometres away from the shooting location, involving a local bus carrying some members of the Kantara team. However, no injuries were reported," a source close to the production said.

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