UAE

News, The Morning Context

Multi-crore duty evasion behind alleged silver import scam at GIFT City

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There’s more to the accusations of irregularities in silver imports than meets the eye. For starters, dubious links have emerged between some importers and exporters. A large-scale silver imports scam has possibly been brewing in India. A back-of-the-envelope calculation shows that import duty to the tune of at least $105 million (around Rs 880 crore) may have been evaded on $1.6 billion (Rs 13,600 crore) worth of silver imports from the UAE.

News, The Morning Context

M.D. Overseas and Augmont Enterprises linked to Dubai silver suppliers, GIFT City halts clearance

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Links have emerged between the two companies and Dubai-based exporters in connection with the alleged violation of India-UAE free trade agreement norms on silver imports. Delhi-based M.D. Overseas and Mumbai-based Augmont Enterprises are among the private firms whose names have emerged in connection with the alleged violation. Also, customs authorities at GIFT City have stopped clearing all consignments of silver from the UAE.

News, News Click

Digging Diamonds From Banks The Untold Story of Fugitive Diamantaire Jatin Mehta – 2

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Are the government and its agencies acting in a discriminatory manner so far as Jatin Mehta is concerned? Is there any weight to Congress’s allegations that he is getting preferential treatment on account of his links with the Adani family? Long before allegations of fraud levelled by banks against Nirav Modi and Mehul Choksi made headlines in the media in India and the world, another diamantaire from Gujarat, Jatin Mehta, and his group of companies had caused a major loss to Indian and international banks and became the one of the largest wilful defaulters of loans.

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