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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
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