You are here: Home >> English News & Features >> Top News

DRI busts `2,000-crore racket involving overvalued diamonds

DNMUM418119 | 7/13/2018 | Author : DNA Correspondent | WC :252 | India

Mumbai: The Directorate of Revenue Intelligence (DRI) has detected a major case of illegal money laundering to overseas destinations by over-invoicing imports of rough diamonds.
The DRI had received a tip-off that 14 consignments of very low quality rough diamonds were being imported at Bharat Diamond Bourse (BDB) with a declared value of Rs 156 crore, which was subsequently accepted by a panel of expert valuers.
A team of officers from DRI intercepted 14 consignments and upon re-valuation ascertained that these rough diamonds were of inferior quality and actually worth only about Rs 1.2 crore.
“The modus operandi,” a DRI officer explained, “was to import rough diamonds of inferior quality from destinations such as Hong Kong
Read full story

Copyright restricted. Under license from   
Add To Lightbox
Calculate Price

More on Top News

Pressure on Pak mounts as more neighbours protest
DNMUM432148 | 2/18/2019 12:00:00 AM | Author : Sidhant Sibal | WC :269

New Delhi: Days after a terror attack in the south-eastern Sistan and Balouchestan that killed 27 revolutionary guards, Iran on Sunday summoned Pakistan ambassador Riffat Masood to lodge a formal protest. Pakistan based Jaish ul-Adl had take

Add To LightboxCalculate Price

Rajini bows out of contesting LS polls
DNMUM432149 | 2/18/2019 12:00:00 AM | Author : G Jagannath | WC :230

Chennai: Putting an end to months of speculation, actor-turned-politician Rajinikanth on Sunday declared that he will not be contesting in the upcoming general elections or even support anyone.“I’m not going to contest the Lok Sabha el

Add To LightboxCalculate Price

Fire rages in my heart too, PM assures India
DNMUM432168 | 2/18/2019 12:00:00 AM | Author : DNA correspondent | WC :337

New Delhi: Prime Minister Narendra Modi on Sunday paid tributes to the CRPF jawans who lost their lives in the terrorist attack in Pulwama. Addressing a government event in Bihar’s Barauni, PM Modi spoke richly of the two jawans from the state
Add To LightboxCalculate Price

Pak terrorist may have been in car with Pulwama attacker, says intel
DNMUM432169 | 2/18/2019 12:00:00 AM | Author : Sumit Kumar | WC :177

New Delhi: Intelligence agencies suspect a Pakistani terrorist may have been in the SUV that rammed into a CRPF convoy in Pulwama on Thursday. Security agencies also suspect that top Jaish-e-Mohammad commander Abdul Rasheed Ghazi, suspect
Add To LightboxCalculate Price