Last year, when the tax department raided companies linked to Nirav Modi and Mehul Choksi – high profile jewellers now on the run – it was looking for concrete information on a possible tax dodge by Modi, often seen rubbing shoulders with Bollywood and Hollywood celebrities.
What officials stumbled on was a virtual list of who’s who from India’s glamour industry and some prominent personalities who were making cash purchases from his stores. There were also politicians about whom tax officials picked up useful information including a lawyer-MP.
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The post-demonetisation swoop came amid the government’s crackdown on sectors where cash was regularly used to buy jewellery and high value goods. As the investigations revealed, there was indeed evidence of widespread use of cash to mask actual amounts paid.