PNB fraud: ED recovers total of Rs 5649 crore assets, raids 35 new locations
ED raids Nirav Modi's showrooms
The ED has also directed ordered Nirav Modi that no sale or purchase should take place in showrooms in New York, London, Macau, and Beijing.
The Enforcement Directorate (ED) has recovered diamond and gold worth Rs 549 crore in raids that were conducted in about 35 new locations on Friday.
Atotal of Rs 5649 crore have been recovered following raids by the ED since Thursday.
The raids were conducted spread across 11 states.
The ED has also directedNirav Modi thatno saleorpurchase should take place in showroomsin New York, London, Macau, and Beijing.
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The ED also registered a new case in connection with the 11300 crore PNB scam.
The Punjab National Bankannounced this week that it had discovered fraudulent transactions worth Rs 11,400 crore at a single branch in Mumbai.
It stated that Nirav Modi had carried out “fraudulent transactions” worth over Rs 11,400 crore by acquiring fake bank guarantees and showing it to other banks in order to extract more money.