Surat: The Directorate of Revenue Intelligence arrested Navsari resident Montu Gandhi for his alleged role in a customs duty evasion case involving around Rs 65 crore linked to a Surat Special Economic Zone unit.DRI has been investigating MS Shree Naklang Jewellers, located in Surat SEZ’s Diamond Park in Sachin, which allegedly operated a scheme in which cut and polished natural diamonds were imported duty-free under SEZ provisions and then diverted into the domestic market. The unit allegedly replaced those high-value diamonds in export consignments with inferior stones such as low-grade diamonds, cubic zirconia, moissanite and other simulants, while falsely declaring the quality and value of the goods.The firm under investigation had permission to manufacture silver jewellery studded with natural diamonds, with an approved annual production capacity of 8.150 kg. However, analysis of records showed that during FY 2025-26, the unit exported more than 24 kg of silver jewellery studded with natural diamonds, far exceeding the sanctioned capacity.The alleged irregularities came under scrutiny after export consignments were examined on Jan 28 in the strong room of Surat SEZ. The consignments, comprising 20 parcels covered under shipping bills, were declared as 92.5% cut and polished diamond-studded silver jewellery with a total declared value of Rs 134.23 crore.A valuation exercise, however, found the actual worth of the goods to be only Rs 4.93 crore, or 3.68% of the declared value, officials said. Based on the findings, DRI estimated customs duty recoverable at around Rs 65 crore.Investigation further found the value of imported goods suspected to be part of the racket was around Rs 1,174 crore.
