PNB scam: ED raids showrooms of Geetanjali gems
Nirav Modi
The raids continued to till Saturday morning and reports say that showrooms in about 11 states have been raided
Earlier declared as fraud entity by Punjab National Bank,different showrooms of the Gitanjali group were raided by the Enforcement Directorate on late night on Friday.
The raids continuedtill Saturday morning and reports say that showrooms in about 11 states have been raided.
Stores in Dhanbad, Patna, Durgapur, and Jaipurhave been raided.
During the raids, diamond jewellery worth of two crores was reportedly seized from Geetanjali gems' Patna showroom.
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From their Jaipur showroom, diamonds, gold, silver and gems stones worth of three crores was seized.
Sources say that thePunjab National Bank officials were also present during the raid.
The Enforcement Directorate has reportedly seized 5100 crores worth of Nirav Modi's property across the country.
The Punjab National Bank announced 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.
Meanwhile, news agency ANI reported that Indian Banking Association will hold a meeting with Chiefs of all the Public Serice Undertaking banks through video conferencing from its headquarters in Mumbai on Saturday.