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PNB fraud case: Diamond, gold jewellery worth Rs 5100 crore seized in ED raids at Nirav Modi’s premises

Nirav Modi case: "The stock worth Rs 5100 crore including gold & diamond jewellery, precious stones etc recovered during the searches were seized under PMLA," ED said in a statement.

By: Express Web Desk | Mumbai/ New Delhi | Updated: February 15, 2018 10:04 pm
Nirav Modi, Who is Nirav Modi, Punjab National Bank fraud, PNB fraud case, 11000 crore fraud case, Jeweller fraud case, Indian Express The showroom of Nirav Modi in Fort Mumbai. The CBI received PNB’s complaint on Tuesday night against celebrity jeweller Nirav Modi (Express photo by Ganesh Shirsekar)

The Enforcement Directorate on Thursday conducted searches at 17 premises across India linked to billionaire jewellery designer Nirav Modi and seized diamond, jewellery, and gold worth Rs 5,100 crore. “Following the FIR, Enforcement Directorate swung into immediate action and searched 17 premises of Nirav Modi & Geetanjali Gems across India including Delhi, Mumbai, Surat & Hyderabad. The stock worth Rs 5100 crore including gold & diamond jewellery, precious stones etc recovered during the searches were seized under PMLA,” the agency said in a statement.

“Certain records have also been resumed for further investigation. Bank balance worth Rs 3.9 crore in accounts & fixed deposits has also been freezed,” the ED statement added.

The raids came after the agency filed a Rs 280-crore money laundering case against Modi, his wife Ami, brother Nishal and business partner Mehul Choksi yesterday, following a complaint by Punjab National Bank.

PTI quoted ED officials, speaking on condition of anonymity, as saying that five properties belonging to Modi and the other accused in Mumbai were sealed by the agency. The officials also said that the agency was now planning to move the Ministry of External Affairs with a plea to revoke his passport

A day after the fraud was detected, ED officials on Thursday landed at Firestar Diamond Pvt Ltd. head office in Bharat Diamond Bourse, in Bandra Kurla Complex, Modi’s private office at Kohinoor City in Kurla West, his showroom and boutique at Itts House in Fort in south Mumbai and a workshop in Peninsula Business Park in Lower Parel.

In Gujarat, six diamond workshops were raided in Surat SEZ at Sachin town and an office in Belgium Towers on Ring Road, the hub of diamond jewellery trade. Two diamond jewellery boutiques of Modi in New Delhi – in Chanakyapuri and Defence Colony – were also raided.

ALSO READ | Who is Nirav Modi

At least 10 bank employees have been suspended but it is not clear whether anybody from the crucial PNB Credit Approval Committee or its Board of Directors figure among them.

nirav modi, pnb fraud case Vehicles called by ED to transport money, jewellery and documents from the Chanakya. (Express photo by Abhinav Saha)

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.

Earlier in the day, the PNB’s Managing Director Sunil Mehta said it will take “full-capacity” action against the wrong doers in the Rs 11,400-crore Nirav Modi fraud case, which started in 2011.  “In the last 123 years, we have seen many ups and down. The bank at its full capacity will take every action to book wrongdoers,” he said addressing media persons in Mumbai.

“PNB has the capability and capacity to overcome this crisis. In response to our registered FIR, the Enforcement Directorate is conducting raids across all groups and establishments who were involved in the act. All necessary documents have been seized. Steps are being taken to protect the financial interest of the bank,” he added.

According to CBI, Nirav Modi had left the country on January 1 much before the CBI received a complaint from Punjab National Bank on January 29 about a Rs 280-crore fraud. He is believed to be in Switzerland.

Nirav’s brother Nishal, a Belgian citizen, also left the country on January 1, while wife Ami, a US citizen, and business partner Mehul Choksi, the Indian promoter of Gitanjali jewellery chain, departed on January 6, officials said.

The CBI issued a lookout circular against all the four after registering the first FIR against them, they said. A lookout circular is issued by enforcement agencies to all exit and entry ports to inform them about the movement of an accused.

(With PTI inputs)

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    Nikhil George
    Feb 16, 2018 at 4:23 am
    The reporting has gone to dogs. It says there is a case of fraud against some people of the magnitude 280 crores and acting on which jwellery worth 5000 crores (surely belonging to other legal en ies) have been seized. The 11000 crore worth fraudulent transactions is a number reported to the exchanges. Clearly no responsibilty on the part of IE to report the story. Just putting together something using snippets.
    1. harun hafeez
      Feb 16, 2018 at 4:38 am
      I understand ,that for having a Nationalist Govt you pay a small price and 11800 cr is pittance.That we have people who have Indian salt defending what went on from 2014 to 2018 Jan 29th.When the validity of a LOU is just 90 days.Its getting brazen that a Govt which has failed totally and completely and having a scamster as a part of Official delegation of the FM in Davos in 2016. Has paid blokes who for a pittance are defending loot of public money.This will continue and the people are soley responsible for this day.That even after 4 years of Fake claims and Farce with a whole lot of Political speeches ,people vote for such dispensions they deserve this day.Arre bhai you dont issue Rations for want of Aadhar but a PM who works 24/7 unlike the US President who sleeps for most of the day,we see Mallaya getting away ,lalit Modi a royal send off and Nirav Modi.How much more,but you have the boggie of enemy within to get votes.Why cry the people will fall for it again
    2. P
      Pulkit Kaul
      Feb 16, 2018 at 3:19 am
      At least culprits were raided and property was seized. In Congress Govt all capitalists were enjoying free loans but no one questioned them as Congress was ultra secular. Some secular jokers just blame Hindutva for everything!
      1. DILIP
        Feb 16, 2018 at 2:26 am
        This time sleazy criminal Pappuand all his ga_y Pink chuddies will have their gun__da busted for greedily committing such a MEGA SCAMS again and again.
        1. Ravi Singh
          Feb 16, 2018 at 1:55 am
          This is such a large fraud and corruption case that going back in time and blaming Nehru will not work. Modi Sr will have to blame Gaznavi and 1100 years of Gulami for this.
          1. Asokan Andy
            Feb 16, 2018 at 1:51 am
            Good move..Thats it.. No need to raise this..More money worth than he took have been confiscated,, This issue actually is good for Modi.. Shows that they have to depend on some Modi to target real Modi for corruption. What does that mean , that means there was not even a single corruption scandal the Cong or oppsition can point out against Central govt..
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