Islamabad High Court will hear appeals against conviction of Khan and Shah Mahmood Qureshi in £190M NCA settlement reference on May 21
world2 hours ago
A court in Surat Wednesday declared fugitive jeweller Nirav Modi as an absconder in a case filed against him by the Directorate of Revenue Intelligence case (DRI) for allegedly evading customs duty on import of diamonds.
Chief Judicial Magistrate B H Kapadia declared Modi an absconder in a case filed against him in December 2014 by the Mumbai zonal unit of the DRI.
As per the DRI, Modi's companies, located in the Surat Special Economic Zone (SEZ), were allegedly involved in customs duty evasion.
Public Prosecutor Nayan Sukhadwala told PTI the judge asked Modi to present himself before the court by November 15, or else the DRI would be permitted to take further action against him.
The DRI had moved an application under the Criminal Procedure Court seeking that the diamond merchant be declared an absconder as an arrest warrant against him could not be executed.
Modi fled the country this Jaunary before an alleged multi-billion dollars fraud at Punjab National Bank came to light and the CBI registered a case against him.
The case in Surat pertains to diversion of duty-free imported diamonds and pearls by Firestar International Pvt. Limited, Firestar Diamond International Pvt Ltd, and Radashir Jewellery Company, all situated in Surat SEZ and owned by Modi.
In the Surat SEZ, goods can be imported duty-free on the condition that they will be exported after value-addition (such as polishing and cutting of raw imported diamonds).
The DRI alleged that duty-free diamonds and pearls imported by these companies were secretly sold in local markets, and in their place locally produced products were exported.
An export consignment seized by the DRI from Sahar Air Cargo in Mumbai was found to be highly overvalued.
Islamabad High Court will hear appeals against conviction of Khan and Shah Mahmood Qureshi in £190M NCA settlement reference on May 21
world2 hours ago
The prosecutor of the International Criminal Court Monday applied for arrest warrants on suspicion of war crimes and crimes against humanity
world2 hours ago
Archer likely to feature in the first T20 against Pakistan
cricket2 hours ago
In the 152 Premier League matches City have played across the last four seasons, they have recorded 112 victories with just 17 defeats, racking up 372 goals
football2 hours ago
The former president's party urges supporters to remain calm and go out to vote on May 29
africa3 hours ago
Gold jewellery shoppers in Dubai usually opt for a wait-and-watch approach when prices hit record peaks
markets3 hours ago
The authority confirmed that the administrative closure order will continue as long as the reasons for it exist
uae3 hours ago
Hamas strongly condemns prosecutor's bid to get arrest warrants against its leaders as Israel calls the move against PM a historical disgrace
mena3 hours ago