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NEW DELHI: The Enforcement Directorate (ED) on Thursday raided jeweller Nirav Modi’s properties across ten locations in Mumbai after Punjab National Bank (PNB) yesterday reported a Rs 11,300 crore fraud in one of its Mumbai branches. ED has also registered a case of money laundering against Modi and others.
PNB Fraud Case: ED team at Nirav Modi’s showroom & office in Mumbai’s Kala Ghoda. https://t.co/3YQq4lyKNj
— ANI (@ANI)
News agency ANI reported that the raids were conducted that in in Surat and Delhi also.
PNB, the second largest lender of the country, had last week lodged a complaint with the CBI against Nirav Modi and his associates for cheating the bank of over Rs 280 crore. The investigation and law enforcement agencies took to action on Wednesday, to ascertain if there is a link between the two cases.
In the complaint, PNB had named three diamond firms — Diamonds R Us, Solar Exports and Stellar Diamonds — saying they had approached it on January 16 with a request for buyers’ credit for making payment to overseas suppliers.
Nirav Modi, his wife Ami, brother Nishal and Mehul Choksi are partners in Diamonds R US, Solar Exports and Stellar Diamonds, which has shops in foreign locations such as Hong Kong, Dubai, and New York.
Major jewellers Gitanjali, Ginni and Nakshatra have also come under the scanner of various investigating agencies following PNB’s declaration of the fraud.
“Four big jewellers — Gitanjali, Ginni, Nakshatra and Nirav Modi — are under scanner. The CBI and Enforcement Directorate is looking at their arrangements with various banks and end use of money,” a senior official of a public sector bank told news agency PTI.