A four-fold boost in a series of Nirav Modi’s clients in a demonetisation year – 2016 – has put a spotlight once again on a luminary diamantaire.
Did a billionaire jeweller’s clients have an inkling of Prime Minister Narendra Modis demonetisation proclamation on Nov 8, 2016?
With a series of high net value people (HNIs) who bought a refugee businessman’s diamonds spiking to 340 in 2016-17 from 86 in 2015-16, a taxman is probing many some-more than a Rs 13,000-crore Punjab National Bank scam.
India Today has accessed a list of some-more than 650 of India’s wealthiest who bought trinket value crores but a PAN label or couldn’t explain their source of income when a taxman came knocking.
In fact, as per an research finished by a Income Tax Department, a unaccounted supports finished adult a infancy of purchases finished by a abounding and a famous. A year before demonetisation, Modi’s clients bought trinket value scarcely Rs 8 crore in white money, and some-more than Rs 38 crore in black.
One of a HNIs’ counsel and Congressman Abhishek Manu Singhvi had denied shopping trinket value Rs 6 crore with black money. Singhvi says he bought trinket value usually Rs 1.6 crore around a cheque. India Today spoke to several other such HNIs, many of whom denied that they bought trinket regulating unaccounted funds.
Officials during a Central Board of Direct Taxes told India Today that “it is going to be formidable to discern either Modi indeed sole a wealth to these people given we dont have his statement. Notices have been sent to all those who did not have a PAN label or used black money. So, while notices are being issued, it might not outcome in much.”
Jewellery value Rs 12.85 crore was bought in money in 2014-15 alone by a daughter-in-law of a comparison Congress apportion in Karnataka Chief Minister Siddaramaiah’s government. She’s a biggest client of trinket in money from Nirav Modi, and beats a mom of a business aristocrat and one of a richest people in a world.
The tycoon’s mom bought trinket value Rs 4 crore in money between 2013-15. In fact, her daughter, who is married into a Nirav Modi family, bought trinket value some-more than Rs 17 crore in cash.
An Ahmedabad-based realtor bought trinket value scarcely Rs 9 crore, of that scarcely Rs 6 crore’s value was bought in money during 2014-15.
The family of a promoters of a two-wheeler hulk bought diamonds value some-more than Rs 4 crore between 2014-17 in money but quoting PAN on several occasions.
The promoters of a Pune-based realty organisation bought wealth regulating unaccounted supports to a balance of scarcely Rs 3 crore in 6 years adult to 2017.
One of a promoters told India Today, “We got a notice final month and we can contend that all supports are accounted for. But given a I-T Department has slapped a notice, we will many substantially compensate adult since lawsuit is a long-drawn routine and requires that we deposition 50 per cent of a volume in doubt first. It’s easier to compensate and afterwards to litigate.”
Amongst those not taxed in India is His Highness The Aga Khan. His name total among those who bought trinket value some-more than Rs 2 crore – all in cash.
On a condition of anonymity, a Congress personality said, “The review was finished by a Income Tax bureau in Mumbai some-more than one-and-a-half years ago. Why are notices being sent out after Nirav Modi has fled? What was a supervision doing all this while? In fact, there was a raid on a organisation in 2011 as good and a outrageous inequality was suggested in a tangible batch and what was quoted in a books. Had this been acted on then, a Nirav Modi fraud would not have happened.”