Diamond jewellery designer Nirav Modi
The Enforcement Directorate has raided 17 premises across the country related to Nirav Modi and Geetanjali Gems in connection with Punjab National Bank fraud case.
Searches were carried out in places including in Delhi, Mumbai and Surat. During the raids, Stocks of Gold, Diamond and Precious stones worth 5100 crore rupees were seized.
Earlier, the ED registered a money laundering case against him and others for allegedly cheating Punjab National Bank of Rs. 280 crore.
The agency filed the case under the Prevention of Money Laundering Act after going through a CBI FIR filed recently.
The ED also went through the PNB complaint that was made out against Nirav Modi and others.
From Mumbai
Mumbai (AMN) A day after the public lender Punjab National Bank (PNB) reported the fraud of a whopping over Rs 11,000 crore in one of its branches here, the Enforcement Directorate on Thursday carried out searches at the home, showrooms and offices of luxury diamond jewellery designer Nirav Modi in the city.
PNB SCAM: “Nirav Modi was not part of PM’s delegation at Davos”
Modi, who was recently seen in a group photo at Davos in Switzerland with Prime Minister Narendra Modi and figured in Forbes India’s Richest People List 2016 with a net worth of USD 1.74 billion, flew out of India on January 1, much before the CBI received a complaint about the fraud from PNB.