ED conducted 'in-camera' raids on Nirav Modi's showrooms
Nirav Modi's jewellery
Nirav Modi, his wife, and others allegedly worked with officials of Punjab National Bank to illegally obtain Letters of Undertaking.
The Enforcement Directorate(ED) conducted in-camera raids on Nirav Modi's various showrooms while seizing diamonds on Thursday.
The ED conducted searches in 17 premises across the country including Geetanjali Gems and seized stock of gold, diamond and precious stones worth Rs 5,100 crore.
The Enforcement Directorate Mumbai office received the FIR from CBI and complaint from Punjab National Bank (PNB) on Wednesday about alleged fraud in PNB by Nirav Modi involving fraud of 280 crores.
PNB said it has begun criminal action against two staff members and suspended some others. (WION)
Nirav Modi, his wife, and others allegedly worked with officials of Punjab National Bank to illegally obtain Letters of Undertaking (LoU).
Following the FIR, ED swung into action searching premises of NiravModi and Geetanjali Gems in Delhi, Mumbai, Surat & Hyderabad.The ED has also frozen bank balance worth Rs 3.9 crore invarious accounts and fixed deposits.
Nirav Modi had carried out “fraudulent transactions” worth over Rs 11,400 crore by acquiring fake bank guarantees (WION)
PNB has accused three companies - Solar Exports, Stellar Diamonds and Diamond R US - it said belong to Nirav Modi. (WION)
In what could be the biggest banking fraud in India, state-owned Punjab National Bank has said it has detected a US $1.77 billion scam and billionaire jeweller Nirav Modi is at the centre of it. (WION Web Team)