India: Large Diamond Exporter Investigated for Tax Evasion
A leading diamond manufacturer and exporter in India is investigated by income tax officials for $22 million of undisclosed income, IDEX Online reports. The man and his company are not named in the report.
According to officials, “23 premises in Surat, Navsari, Morbi and Wankaner in Gujarat and Mumbai in Maharashtra.” were searched by the authorities. Documents proving unaccounted purchases and sales, as well as bogus invoices and evidence of using “of unaccounted income to acquire property and stock in the past five years” were seized.
The Central Board of Direct Taxes (CBDT) said that “unaccounted” cash and jewelry worth $265,000 was seized as well as 8,900 carats of diamond stock valued at $1.48 million.