Summary:
The valuers, or those who assign a value to the diamonds, were identified as Pradeepkumar Jhaveri, Naresh Mehta and Paresh Shah. He had availed credit from the bank by submitting forged import documents, based on which the banks released the payment abroad to the seller. The DRI intercepted the consignments and after revaluation found that it was only worth Rs 1.2 crore.The DRI seized Rs 10 lakh, demand drafts amounting to Rs 2.2 crore and a large number of chequebooks, Aadhaar cards and PAN cards in the raid. Sujay Kantawala and Ravi Hirani, appearing for the accused, denied the allegations. The fraudsters are believed to have taken out over Rs 3,000 crore in the past year-and-half, said DRI officials.In the present case, the importer, who is on the run, inflated the value of the imports from Rs 1 crore to Rs 160 crore, said DRI officials.This inflated value is taken out officially as payment to be made to the sellers..