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.
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)