Bogus purchases, huge over-valuation of stocks, suspicious payments to relatives, dubious loans — all these and more were red-flagged more than eight months before the Nirav Modi-PNB scam broke, in a crucial Income Tax investigation report that was not shared with any other agency.
Bogus purchases, huge over-valuation of stocks, suspicious payments to relatives, dubious loans — all these and more were red-flagged more than eight months before the Nirav Modi-PNB scam broke, in a crucial Income Tax investigation report that was not shared with any other agency.
The Income Tax probe report on fugitive diamond jewellers Nirav Modi and Mehul Choksi, running into about 10,000 pages, was finalised by the agency on June 8, 2017. It was not shared with other agencies like the Serious Fraud Investigation Office (SFIO), Central Bureau of Investigation (CBI), Enforcement Directorate (ED) and the Directorate of Revenue Intelligence (DRI) until February 2018, when the Punjab National Bank (PNB) scam became public.
Sources said the tax department, before February 2018, also did not share its findings through the Regional Economic Intelligence Council (REIC), a mechanism for sharing of information between various law enforcement agencies.
The Income Tax probe report on fugitive diamond jewellers Nirav Modi and Mehul Choksi, running into about 10,000 pages, was finalised by the agency on June 8, 2017. It was not shared with other agencies like the Serious Fraud Investigation Office (SFIO), Central Bureau of Investigation (CBI), Enforcement Directorate (ED) and the Directorate of Revenue Intelligence (DRI) until February 2018, when the Punjab National Bank (PNB) scam became public.
Sources said the tax department, before February 2018, also did not share its findings through the Regional Economic Intelligence Council (REIC), a mechanism for sharing of information between various law enforcement agencies.