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This is an archive article published on April 13, 2011

Diamonds worth Rs 15 cr seized at Amausi airport,three executives detained

Income-Tax officials have seized diamond jewellery and loose diamonds worth over Rs 15 crore from three senior sales executives of KARP Jewellery Pvt Ltd

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Income-Tax officials have seized diamond jewellery and loose diamonds worth over Rs 15 crore from three senior sales executives of KARP Jewellery Pvt Ltd,which deals in polished diamonds and diamond jewellery,from Lucknow airport on Tuesday morning.

The three were returning from a jewellery exhibition in Kanpur when they were stopped by taxmen following a tip-off. Asked for relevant documents,they could not produce any after which they were detained.

A senior I-T official said taxmen were also searching the company’s offices in Surat and Mumbai to verify its business transactions and income details.

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The official said the three sales executives,identified as Jignesh Sanghvi,Ketan Mehta and Raunak Modi,were apprehended when they reached Amausi airport to board a Mumbai-bound flight at 8.10 pm on Monday. He said the three were questioned till 7 am on Tuesday.

The trio told the taxmen that they had organised an exhibition of company’s jewellery in Kanpur from April 8 to 10 and were on their way back to Mumbai office.

After their questioning,the three were allowed to go after 7 am. I-T officials said they would be called again later.

When contacted,director (operations) of KARP Pvt Ltd,Ashwin Kukadia,said: “The three sales executives are employed with company’s Mumbai office. The I-T inquiry at Surat office is over while it is going on at Mumbai office.” “Our Mumbai-based officials are looking after the matter related to the seizure in Lucknow,” Kukadia added.

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