Nirav Modi illegally sold diamonds worth ₹1,200 cr: I-T

The Income Tax Department has found that Nirav Modi's firms illegally diverted ₹1,216 crore worth diamonds intended for exports to the domestic market for huge profits in FY17. The firms, which had units at Surat Special Economic Zone (SEZ), allegedly exported low-quality diamonds abroad to keep up appearances. The department found the companies claimed illegal tax deductions on export profits.