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I-T Department hunts for details of Nirav Modi's accounts in tax havens

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The I-T Department has written to its counterparts in Jersey, Bahamas, Cyprus, Singapore and Mauritius. The details sought are on the transactions linked to the alleged shell companies overseas which were used to send funds.

Modi is believed to be a settler and beneficiary of a trust, Monte Cristo, in Jersey. The underlying company of this trust, Monte Cristo Ventures Ltd, was incorporated in the Bahamas with UBS AG, Singapore. The entities cited were used to transfer funds to Indian firms.

Along with this, Firestar International - the jeweller's group company - received funds from Mauritius-based entities Jade Bridge Holdings and Forcom Worldwide in the form of share capital and high share premiums.

The authorities believe that the money may have been round-tripped to tax havens through trusts and other entities. "We have sought more details, information... Fresh references have been sent out," a senior income tax department official told the paper.

The transactions are not disclosed under the Undisclosed Foreign Income and Assets and Imposition of Tax Act, 2015.

Firestar hasl received funds from another Singapore-based company, Islington International Holding Pte Ltd, the beneficial owner of which was Modi's sister Purvi Mehta, according to data, reports and the CBI FIR. Modi received Rs 284 crore in March 2013 and April 2014 from Mauritius-based companies and Rs 271 crore from a Singapore-based entity.

A notice has already been issued against Modi under the black money law for nondisclosure of assets.