london the accountancy firm that audited the finances for nirav modis uk businesses has links to companies named in the panama papers documents accessed by toi showednirav modi limiteds last set of accounts dating up to march 31 2017 shows that the company was insolvent possessed no realisable assets and owed millions of poundsdattani chartered accountants situated in college road harrow were the most recent auditors for nirav modi limited a subsidiary of the company of the same name registered in hong kong which runs the fugitive billionaires jewellery and watch retail showrooms it is not registered in india advt nitin dattani the owner and founder of the firm told toi he had audited the accounts but that he no longer acted for nirav modi limited we have nothing to do with nirav modi that company is a separate legal entity to nirav modi we were the auditors of a company called nirav modi limited that is completely independent of nirav modi we took instructions from the directors of nirav modi limited and they were not nirav modi and the ownership of nirav modi limited is not nirav modi either i have no knowledge of nirav modi he saidalthough he admitted his accountancy practice had been named in the panama papers leaks he claimed it was a mistakethis link between us and the panama papers is a mistake we have not acted as an intermediary for any company mentioned in the panama papers we may have done their tax returns but we were not involved in establishing them i have written to the concerned people to complain he statedthe balance sheet up to march 31 2017 for the uk company which describes itself as the retail sale of watches and jewellery in specialised stores shows it was owed 2043612 rs 18 crore by debtors and it owed creditors 8717 074 rs 78 crore the balance sheet also shows that the uk company which started in 2014 with 3 million rs 26 crore in shares less than three years later had lost all his capital advt if you were running a retail diamond jewellery business you would not expect to have debtors of 2 million that means you have sold stuff that has not been paid for that suggests to me that is money he lent to another company it is also a huge amount of money nearly 9 million that his business owes that could be diamonds he had bought but not paid for but this is highly unusual amount for a diamond jewellery business the balance sheet shows he was completely bust to me it does not look like a genuine retail operation which makes me think he was using this money for something else possibly money laundering a uk company director told toidattani chartered accountants was the registered office of nirav modi limited in the uk until march 29 2018 when the registered office switched to that of his jewellery shop in old bond street in