Though Nirav Modi, who was accused in February by state-owned Punjab National Bank of perpetrating a $1.8 billion fraud is enjoying his life abroad, individuals who bought gold, and diamonds from his store could be under scanner.
The Income Tax Department is all set to re-assess the tax returns of over 50 affluential individuals who bought costly jewelry from firms owned by Nirav Modi.
The IT department had also sent notices to the high net-worth individuals asking them to explain the source of income for the purchase of the jewelry, denied any cash payment made by them to Nirav Modi’s firms.
If officials said the department has complete information which clearly indicates that these select buyers had split the total payment for jewelry, by paying some part of the amount through cheque or card (debit/credit) and the rest in cash.
In reply to the tax notices, most of the buyers clarified that they never made any cash payments which is a complete contrast to the data obtained by IT officials.
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