New Delhi, Feb 15: The enforcement directorate (ED) raided properties of diamond merchant Nirav Modi across the country on Thursday in connection with Punjab National Bank fraud case.
The premises raided by the ED officials include diamantaire’s residence in Kurla, his jewelry boutique in Kala Ghoda area, three company locations in Bandra and Lower Parel, while three premises in Surat in Gujarat and Modi’s showrooms in Chanakyapuri and Defence Colony in Delhi.
The ED has registered money laundering case on basis of the CBI case against Nirav and others for defrauding the bank in connivance of two bank officials.
— ANI (@ANI) February 15, 2018
The multi-pronged action came a day after the Punjab National Bank admitted to unearthing a fraud of Rs 11,360 crore involving Modi’s companies and certain other accounts with the bank’s flagship branch (Brady House) in Mumbai and its second largest lending window in India.
At least 10 bank employees have been suspended in connection with the fraud so far.
The fraud, which includes money-laundering among others, concerns the Firestar Diamonds group in which the CBI last week booked Modi, his wife Ami, brother Nishal and a maternal uncle Mehul Choksi.
It followed a complaint lodged by PNB on January 29 pertaining to an alleged cheating case of Rs 280 crore perpetrated by these four in 2011.
It is learnt that Modi – whose operations are spread across Europe, the US, Middle East and Far East besides India – has written to PNB and other banks that he would return their outstandings.