Leading Indian Diamond Exporter in $22m Tax Probe

By John Jeffay / September 26, 2021 / www.idexonline.com / Article Link

(IDEX Online) - Income tax officials investigating a leading diamond manufacturer and exporter in India say they've discovered almost $22m of undisclosed income.It follows a series of searches at 23 premises in Surat, Navsari, Morbi and Wankaner in Gujarat and Mumbai in Maharashtra. The Income Tax Department has not named the company involved.Documents pertaining to unaccounted purchases and sales were seized, along with bogus invoices, paperwork relating to the movement of cash and stock through angadia (courier) firms and the use of unaccounted income to acquire property and stock in the past five years.The Central Board of Direct Taxes (CBDT) said $265,000 of "unaccounted" cash and jewelry worth was seized during the raids, together with 8,900 carats of diamond stock valued at $1.48m.The undisclosed income relates to both diamond transactions and the sale of tiles, which the company also manufactures.

Recent News

Another 'Bubble Check' for the gold sector

September 08, 2025 / www.canadianminingreport.com

Gold stocks continue to hit new highs

September 08, 2025 / www.canadianminingreport.com

Some mining stocks exposed to Burkina Faso take major hit

September 02, 2025 / www.canadianminingreport.com

Gold stocks again hit new highs

September 02, 2025 / www.canadianminingreport.com

Gold stocks reach new highs on metal price gain

August 25, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok