Nirav Modi's firms to be prosecuted for customs duty evasion
The Directorate of Revenue Intelligence (DRI) has initiated action against jeweller Nirav Modi and his three firms in a 2015 customs duty evasion case. Nirav is accused of causing the losses by understating the value and quantity of diamonds and pearls that were being imported. The companies allegedly diverted the diamonds imported via Surat SEZ to the local markets illegally.