IT department slaps 3 tax notices on Nirav Modi
IT department slaps 3 tax notices on Nirav Modi

New Delhi: The Income Tax department has slapped three notices under the foreign black money law against diamond trader Nirav Modi, involved in Rs 14,000 crore PNB fraud case, for allegedly holding illegal assets abroad.

"Three notices u/s 10(1) of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, issued against Nirav Modi," the Revenue Department said in an action taken report to the Standing Committee on Finance. An arrest warrant has been issued against Modi. 

"Supplementary prosecution complaint filed against 31 persons/individuals/entities u/d 276C (1), 227A and 278 of the Income Tax Act," it added. Besides, the Income Tax department has attached 32 immovable properties located in various cities, including Mumbai, Surat, Jaipur and Delhi. Also 141 bank accounts/ FDs of the Nirav Modi Group having a credit balance of Rs 145.74 crore have been attached. 

The department has also attached 173 paintings and artworks and filed four prosecution cases against Modi. 


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