I-T report red-flagged Nirav Modi, Choksi dealings months before PNB scam


A crucial Income Tax investigation report, prepared 8 months before the PNB scam, on fugitive diamond jewellers Nirav Modi and Mehul Choksi highlighting bogus purchases, huge over-valuation of stocks, suspicious payments to relatives, dubious loans among other information was not shared with other law enforcement agencies as there was “no protocol”, The Indian Express has reported.

The report 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 tax department report on Nirav Modi and Mehul Choksi, which ran into around 10,000 pages, was finalised by the agency on June 8, 2017.

However, 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, according to the report.
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