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  1. PNB scam: ED continues raids, seizes assets of Rs. 5674 cr till now

PNB scam: ED continues raids, seizes assets of Rs. 5674 cr till now

The Enforcement Directorate on Saturday conducted further searches at 21 locations across India in connection with Punjab National Bank (PNB) fraud case involving businessman Nirav Modi.

By: | New Delhi | Published: February 18, 2018 8:31 AM
PNB scam, ED, Punjab National Bank, Nirav Modi, Gitanjali Group, Nakshatra jewellers,  Enforcement Directorate seized diamonds worth Rs 2.30 crore from a Nakshatra jewellers showroom of Gitanjali Group in Bhopal.

The Enforcement Directorate on Saturday conducted further searches at 21 locations across India in connection with Punjab National Bank (PNB) fraud case involving businessman Nirav Modi. The agency also seized diamonds, gold, precious stones and jewellery worth Rs 25 crore. Earlier in the day, Enforcement Directorate seized diamonds worth Rs 2.30 crore from a Nakshatra jewellers showroom of Gitanjali Group in Bhopal.

The agency conducted searches at several places linked to Nirav Modi in Mumbai, Delhi and Gujarat, and seized diamond, jewellery and gold worth Rs. 5,649 crore. The agency has seized properties worth Rs 5674 crore till now. The raids came after the agency filed a money laundering case against Nirav Modi, his wife Ami, brother Nishal and relative Mehul Choksi on February 14, following a complaint by the PNB.

The agency has filed the case under the Prevention of Money Laundering Act (PMLA) on the basis of an FIR registered by the Central Bureau of Investigation (CBI) early this month. The PNB detected scam in which jeweller Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders. The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials filed a complaint with the CBI on January 31.

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