I-T probe into Nirav Modi firms reveals 'persons of no means' were given loans running into thousands of crores
Sources have revealed that books of some of Nirav Modi's companies -- Stellar Diamond, Solar Exports and Diamonds R us -- have been doctored. Receivables for these three companies are much higher when compared to turnovers. This indicates over invoicing. It also suggests that companies buying goods are not in a position to pay for them.
Documents accessed exclusively by India Today TV show that the majority partners of Stellar diamonds, Solar Exports and Diamonds R us are "persons of no means".
Nirav Modi himself owns very little of the firms and his own exposure is "limited" in terms of partnership in these firms.
What raises highbrows is the fact that some of the partners in the three Nirav Modi firms have paid income tax as low as Rs 930, Rs 620, Rs 431 and even Rs 0 for the financial years 2016-17, 2015-16 and 214-15.
A majority of the partners withdrew their own share capital from the firms in 2017-18. The total loans received by the three firms in the financial year 2017-18 was Rs 3,992.92 crore whereas the total capital of the partnership in the three firms was Rs 400 crore.
Geetanjali Gems and its subsidiaries have taken loans of Rs 7,500 crore. Besides Rs 2,259 crore of corporate guarantee has been given by the company for 2016-17.