Skip to content
Search

Latest Stories

Indian Court Rules Celebrity Jeweller Nirav Modi As Absconder In Import Duty Evasion Case

A local court in India’s westernmost Gujarat state ruled on Wednesday (10) that the celebrity jeweller, fugitive, Nirav Modi is an absconder in a case filed against him by the Directorate of Revenue Intelligence (DRI) in an alleged customs duty evasion case to import diamonds.

Chief judicial magistrate, BH Kapadia said that Modi is an absconder hearing a case registered by the Mumbai zonal branch of DRI against the fugitive in 2014. DRI has alleged in its petition that Modi’s firms located at the Special Economic Zone (SEZ) in Gujarat’s port city, Surat, have involved in customs duty evasion.


The court has asked Modi to present himself before it by November 15, otherwise, the DRI would be allowed to take necessary action against him as per the Indian law.

The DRI had filed a petition under the ‘criminal procedure court’ seeking that the fugitive should be declared as an absconder after arrest warrant against him couldn’t be executed.

Modi moved abroad earlier this year before an alleged multi-billion dollars fraud at state-run Punjab National Bank (PNB) came into light. India’s federal investigation agency, Central Bureau of Investigation (CBI) has filed a case against him and others for their roles in the PNB fraud case.

The current case in Surat pertains to the diversion of duty-free imported diamonds and pearls by Firestar International Pvt Limited, Firestar Diamond International Pvt Ltd, and Radashir Jewellery Company, all situated in Surat SEZ and owned by Modi.

The Surat SEZ imports goods at zero per cent import duty and later exports the same goods as final products after making necessary value addition such as polishing, cutting of raw diamonds, pearls, and others.

DRI had alleged that the diamonds and pearls imported at zero per cent by the firms at Surat SEZ were secretly sold to the local purchasers. The local goods were used to export in the place of imported goods, according to DRI.  According to the Mumbai branch of DRI, an export consignment seized by it from Sahar Air Cargo was found to be highly overvalued.

More For You

Government steps in as JLR cyber attack stalls output

FILE PHOTO: A member of staff works on the production line at Jaguar Land Rover’s factory in Solihull, Britain. REUTERS/Phil Noble

Government steps in as JLR cyber attack stalls output

BRITAIN's largest carmaker, Jaguar Land Rover, said a pause in production due to a cyber attack would now stretch to September 24, extending the stoppage at its plants to more than three weeks.

The luxury carmaker, owned by India's Tata Motors, said it shut down its systems in early September to contain the hack that has severely disrupted its retail and manufacturing operations.

Keep ReadingShow less
UK–Africa business summit 2025

UK–Africa business summit 2025

UK–Africa business summit 2025 highlights trade, technology and resilient partnerships

Highlights:

  • Dr Sudhir Ruparelia emphasised Uganda’s growing real estate, agriculture and tourism sectors.
  • Lord Dolar Popat called for closer Commonwealth ties between Africa, the UK and India.
  • Uganda’s ministers outlined regional integration, investment climate and agricultural transformation.
  • Spiritual leader Sant Trilochan Darshan Das Ji urged ethical entrepreneurship rooted in integrity.

The 15th edition of the UK–Africa Business Summit took place on Friday, 12 September at The Royal Horseguards Hotel & One Whitehall Place, bringing together senior government leaders, entrepreneurs, investors and diaspora stakeholders to strengthen trade and investment ties between the UK and African nations.

Keep ReadingShow less
Modi & Trump

Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.

Reuters

India, US to discuss trade issues after tariff hike

INDIA and the United States will hold trade discussions in New Delhi on Tuesday, officials and Indian media reports said, as the two countries look to resolve a tariff dispute.

India currently faces high US tariffs on most of its exports and has not yet been able to reach a trade deal that would ease the pressure.

Keep ReadingShow less
Piyush Goyal

Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)

Getty Images

Trade talks with US moving forward positively, says Indian minister Goyal

INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.

He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.

Keep ReadingShow less
Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less