Nirav Modi scam: Information was received by the Income Tax department eight months ago

NP NEWS 24 ONLINE- The Income Tax Department had a full idea of the suspected transactions of the Nirav Modi and Mehul Choksi, who are chief accused of the Punjab National Bank’s scam of  13,500 crore rupees.  The report was prepared by the income tax department. However, it has come to the notice that the report or information was not given to any other investigating agencies.

Eight months before the disclosure of the Punjab National Bank scam, the Income Tax Department had made an inquiry by investigating it. The Income Tax Department had a complete idea of making fake purchases, showing high prices than the original price, fake loans and suspicious transactions with relatives.

On June 8, 2017, the Income Tax Department had prepared the report of 10 thousand pages regarding to the Nirav Modi and Mehul Choksi. But Income Tax Department did not share it with the corruption investigating agencies like SFIO, CBI, ED and DRI till February 2018. In February, the Punjab National Bank scam opened.

According to sources, the Income Tax Department did not convey the available information till (February 2018) to the Regional Financial Intelligence Council. REIC has been established to exchange information with various investigating agencies.

Modi and Choksi did the scam of 13,500 crore rupees in Punjab National Bank through the three companies Diamond R US, Solar Exports and Seller Diamonds. Just before two weeks of the scandal disclosure, both Modi and Choksi ran from the country in the first week of January 2018.

On January 14, 2017, the Income Tax Department had conducted investigations of Nirav Modi’s companies by raiding and also conducted a survey of the companies owned by Mehul Choksi. The search campaign was conducted at 45 resident and commercial places of Modi and Choksi across the country.