Published
Jul 20, 2018
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Three IRS officials transferred in Rs 3,000 crore diamond import fraud

Published
Jul 20, 2018

As part of the ongoing investigation into the alleged Rs 3,000 crore ($450.9 million) diamond import fraud, three Internal Revenue Service (IRS) officials have been transferred out of Mumbai where the import scam is believed to have taken place.

Three IRS officials have been transferred out of Mumbai - Synthetic Diamond Market- Facebook


The Directorate of Revenue Intelligence announced that it had uncovered an Rs 3,000 crore diamond import scam and TNN reported the names of the three officials who have been transferred as a result of this.

The three are: Special Cargo Commissioner Vinay B Singh, Deputy Commissioner C Y Manikanhaiya (in charge of valuation), and Deputy Commissioner Ashiqzzaman from the Special Investigation and Intelligence Branch. Singh was transferred to a Customs, Excise and Service Tax Appellate Tribunal in Kolkata, Manikanhaiya has been transferred to Hyderabad GST, and Ashiqzzaman to Bhubaneshwar GST. The role of a fourth officer is also currently being investigated.

The scandal, which was uncovered by the Directorate of Revenue Intelligence, occurred when diamond merchants allegedly colluded with valuers to inflate the real value of imported diamonds in order to transfer black money out of India. Four have already been arrested in connection with the case on July 12 for allegedly inflating the value of Rs 1.2 crore of diamonds to Rs 156 crore. Three of the four arrested have been named as the valuers Pradeepkumar Jhaveri, Naresh Mehta, and Paresh Shah.

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