πŸ’Ž The Uncle - Nephew Scam

by Pulkit Jain

Nirav Modi. I bet you have heard the name. And if you haven’t, here’s something which will get you familiar with him. But how about Mehul Choksi?Β 


But why are we talking about it now?Β πŸ€”


A Dominican court has ordered Choksi to be remanded at the Dominica State Prison despite a deterioration in his health on June 18.


The Magistrate remanded Choksi until June 24, when he will appear before the court to be further remanded whilst his trial for illegal entry is expected to commence on June 25.


πŸ’Ž The Uncle – Nephew Scam



🧰 Mehul Choksi, the creator of Nirav Modi


Mehul Choksi is Nirav Modi’s uncle who taught him the trade. Mehul saw something different in the young Nirav back then and taught him everything he knew.


Nirav ended up working for his uncle for 10 years learning everything he could about the diamond business. πŸ’


πŸ› οΈ The Craftmaster – Nirav Modi


Nirav learned the craft really well, he designed a beautiful Golconda Necklace which featured on the cover of a Christie’s Auction Catalogue and was sold for more than $3 Million. He also designed a stretchable bracelet! The moment you stretch it, all the links would open and when you put it back together, it looked like a bangle.


Then, how did everything go haywire?


πŸ‘‘ Sky is the limit


Passionate Nirav wanted to grow his business alongside his uncle, Mehul. They started taking loans from the Punjab National Bank using a financial instrument called Letter of Undertaking.


Instead of giving some collateral for the loan, Nirav ended up bribing the PNB officials to get the money easily from the bank.


The uncle-nephew duo used the concept of shell companies to build their empire globally.


πŸ’« What goes around comes around


In 2018, PNB discovered the number of LOUs issued to the duo was without any collateral. They found out that the duo has a backlog of $1.8 billion or Rs. 14,000 crores. Nirav was arrested in London and he has been in prison ever since.


But what about Mehul? πŸ€”


πŸƒβ€β™‚οΈ Run, Mehul, Run!


But once the news of the scam became public and arrest warrants were issued, Choksi β€˜illegally’ entered Dominica and was staying in Antigua & Barbuda. Led by CBI DIG Sharda Raut, a team was sent to Dominica to bring back the β€˜fugitive’. But on May 25, 2021, the fugitive went missing. He tried to escape to Cuba but was caught and detained in Dom


Currently, the Choksi case is still ongoing and he is put in a Caribbean prison till the ruling comes out.


Tax on Thievery – Crazy Tax Story



IRS really wants you to pay taxes, even if you stole something! πŸ€“


πŸ’­ Byte of The Day


Form 26AS – The one you need for all your consolidated tax statements.


πŸ€” Wondering what happened to those goofy, odd & bizarre tax quotes? With the tax season knocking at the door, we thought, let’s talk taxes. πŸ˜‰

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