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PNB Rs 11,000 crore fraud case: ED raids Nirav Modi’s offices, CBI seals his house

The agency raided at least 12 properties including his jewellery showrooms as well as his corporate office in Lower Parel. The ED is probing Modi, who is currently abroad, under the Prevention of Money Laundering Act.

By: Express Web Desk | New Delhi | Updated: February 15, 2018 2:34 pm
Security personnel stand guard at the entrance to a property of Nirav Modi, where the ED is conducting raids, at Defence Colony in New Delhi on Thursday. (Express Photo/Tashi Tobgyal)

The Enforcement Directorate on Thursday conducted raids in multiple properties of billionaire diamond jeweller Nirav Modi across the country, a day after Punjab National Bank detected fraudulent transactions worth over Rs 11,000 crore. Around 60 officials from the agency raided at least 10 properties including Modi’s jewellery showrooms as well as his corporate office in Mumbai, apart from locations in Surat and Delhi. The case is currently being investigated under the Prevention of Money Laundering Act (PMLA). Modi is out of the country.

The CBI also sealed Modi’s Mumbai flat today in connection with the case.

PNB informed the Bombay Stock Exchange on Wednesday of fraudulent transactions in its mid-corporate branch in south Mumbai. At least ten employees of PNB were suspended. Read: Who is Nirav Modi?

Modi, along with his wife Ami Modi, brother Nishal Modi and maternal uncle Mehul Choksi were booked by the CBI on January 31 for allegedly cheating PNB of over Rs 280 crore in 2017. They were booked under sections of the IPC for criminal conspiracy and cheating and provisions of Prevention of Corruption Act.

The CBI, in its FIR, said that a few public servants “committed abuse of official position to cause pecuniary advantage to Diamond R US, Solar Exports, Stellar Diamonds and wrongful loss of Rs 280.70 crore to Punjab National Bank during 2017”. Modi and the others accused are partners of these firms, the CBI FIR added.

ED raids properties of Nirav Modi in Mumbai ED raids multiple properties of billionaire diamond jeweller Nirav Modi’s in Mumbai (Express Photo/Ganesh Shirsekar)

The ED had filed a case under the PMLA based on the CBI’s FIR, reported PTI. The CBI will reportedly probe the involvement of bank officials in the fraud, while the ED will look into violation of foreign exchange and anti-money laundering norms if any.

(With inputs from PTI)

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  1. Mayur Panghaal
    Feb 15, 2018 at 4:09 pm
    its now emerging that an alert citizen had written to Modi in July 2016...and he has an acknowledged copy by PMO also.Nothing happened.
    1. Mayur Panghaal
      Feb 15, 2018 at 3:48 pm
      Guj contribution to : Army - Zero Sports- Almost zero Scams- 100 Frauds- 100 Hawala - 100 Satta - 100 And still the Gujarati's calling everyone else Anti-National ?? Kuch din to gujaro gujarat mein
      1. Mayur Panghaal
        Feb 15, 2018 at 3:46 pm
        All financial scamsters have had the dubious distinction of belonging to Gujarat.Aisa kya hai gujarat ke paani mein ??
        1. V
          vishnu bhat
          Feb 15, 2018 at 3:22 pm
          Let us hope that the Nirav Modi case does not end like Vijay Mallya's - ing a snook at India, law and equity. The Central Govt should at least wake up now and recover the dues at the earliest - not in 10-15 years.
          1. Ashish Kedar Kaul
            Feb 15, 2018 at 3:47 pm
            Why are we blaming Vijay Mallya? Why not the guys who approved his loan? Giving INR 900 Cr. just against Kingfisher name??? who are the people who got him this loan? UPA has to answer.
          2. Dash B
            Feb 15, 2018 at 3:17 pm
            Baassttaarrd public sector employees continue to loot the nation. Dimwits like Pappu blame the PM!
            1. harun hafeez
              Feb 15, 2018 at 3:39 pm
              Your reactions to the 11800 cr fraud ,exposes you are a DIMWIT as well.Raga has company in you
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