PNB case: Income tax dept attaches Rs 1,200cr SEZ unit of Gitanjali in Hyderabad - Hindustan Times
close_game
close_game

PNB case: Income tax dept attaches Rs 1,200cr SEZ unit of Gitanjali in Hyderabad

Press Trust of India, Hyderabad | By
Feb 22, 2018 11:53 PM IST

Nirav Modi, Mehul Choksi and others are being investigated by multiple probe agencies after it recently came to light, following a complaint of fraud by the Punjab National Bank.

The income tax department on Thursday said it has attached a Rs 1,200 crore worth property of the Gitanjali group, located in a Special Economic Zone (SEZ) in Hyderabad, in connection with its tax evasion probe.

Security guards stand inside a Nirav Modi showroom during a raid by the Enforcement Directorate in New Delhi, on February 15, 2018.(Reuters)
Security guards stand inside a Nirav Modi showroom during a raid by the Enforcement Directorate in New Delhi, on February 15, 2018.(Reuters)

The officials said the property has been provisionally attached under the Income Tax law and the action was taken to “recover outstanding tax demands”.

Hindustan Times - your fastest source for breaking news! Read now.

They said the valuation of the property, in the SEZ at Rs 1,200 crore, has been done by the assessee and the department has put up a notice on the property.

The department, in the last few days, has similarly attached nine bank accounts and seven properties of the group and Choksi.

The department had first raided billionaire diamond jeweller Nirav Modi in January last year on charges of alleged tax evasion and had also surveyed Gitanjali Gems promoter Choksi’s businesses.

Modi, Choksi and others are being investigated by multiple probe agencies after it recently came to light, following a complaint by the Punjab National Bank (PNB), that they allegedly cheated the bank to the tune of Rs 114 billion, with the purported involvement of a few employees of the bank.

The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each to probe this case.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 08, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On