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Directorate of Revenue Intelligence busts scam of diamond overvaluation worth 18 crore

18 april 2012

Directorate of Revenue Intelligence (DRI) has started investigating three city-based diamond firms for overvaluation of rough diamonds imported by them from Hong Kong through Surat Heera Bourse (SHB), Times Of India reports.
A few days ago, DRI sleuths received information about overvaluation of rough diamonds imported from Hong Kong. The rough diamonds consignment valued at Rs 18 crore was seized from SHB's custom house and the original valuation of the same stock was done at Rs 5 crore on Friday, official sources said.
"The diamond firms get bank finance on the import and export of polished and rough diamonds. By overvaluing the diamonds from Hong Kong, which is a free zone just like Dubai, the diamantaires have an easy access to bank finance. The money received through the bank finance is then diverted to the real estate business," a DRI officer said.
The central government had imposed two per cent duty on import of polished diamonds in January in order to curb round tripping of diamonds in the industry. This resulted in a significant decrease in polished diamond import in the last two months. However, some diamond merchants have started overvaluation of rough diamonds to get bank finance.