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

A shift to the later stages of gold and silver bull markets

October 27, 2025 / www.canadianminingreport.com

Gold stocks plunge on metal drop

October 27, 2025 / www.canadianminingreport.com

Gold stocks still up after pullback late in the week

October 20, 2025 / www.canadianminingreport.com

US regional bank slump goes global, driving market into gold

October 20, 2025 / www.canadianminingreport.com

Gold stocks weaker but outperform slump in other sectors

October 13, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok