Earlier declared as fraud entity by Punjab National Bank,&nbsp;different showrooms of the Gitanjali group were raided by the Enforcement Directorate on late night on Friday.

Also read: <a href="http://www.wionews.com/india-news/pnb-scam-cbi-arrests-pnbs-ex-deputy-manager-gokulnath-shetty-33158">CBI arrests PNB&#39;s ex-deputy manager Gokulnath Shetty in PNB scam</a>

The raids continued&nbsp;till Saturday morning and reports say that showrooms in about 11 states have been raided.

Stores in Dhanbad, Patna, Durgapur, and Jaipur&nbsp;have been raided.&nbsp;

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<a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a>: Visuals of Raid by ED officials at a <a href="https://twitter.com/hashtag/GitanjaliGems?src=hash&amp;ref_src=twsrc%5Etfw">#GitanjaliGems</a> store in Durgapur, <a href="https://twitter.com/hashtag/WestBengal?src=hash&amp;ref_src=twsrc%5Etfw">#WestBengal</a>. <a href="https://t.co/gYOKk7WGy4">pic.twitter.com/gYOKk7WGy4</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964760362338979841?ref_src=twsrc%5Etfw">February 17, 2018</a></blockquote>
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During the raids, diamond jewellery worth of two crores was reportedly seized from Geetanjali gems&#39; Patna showroom.

Also read: <a href="http://www.wionews.com/india-news/pnb-fraud-ed-recovers-total-of-rs-5649-crore-raids-35-new-locations-33110">ED recovers total of Rs 5649 crore assets, raids 35 new locations</a>

From their Jaipur showroom, diamonds, gold, silver and gems stones worth of three crores was seized.

Also read: <a href="http://www.wionews.com/india-news/allahabad-bank-discloses-rs-2000-crore-exposure-in-pnb-fraud-33115">Allahabad Bank discloses Rs 2,000 crore exposure in PNB fraud</a>

Sources say that the&nbsp;Punjab National Bank officials were also present during the raid.

The Enforcement Directorate has reportedly seized 5100 crores worth of Nirav Modi&#39;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.&nbsp;

It stated that Nirav Modi had carried out &ldquo;fraudulent transactions&rdquo; 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.

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Indian Banking Association will hold meeting with Chiefs of all the PSU banks through video conferencing from its headquarters in Mumbai later today: Sources <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964769694157852673?ref_src=twsrc%5Etfw">February 17, 2018</a></blockquote>
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&nbsp;

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. Also read: CBI arrests PNB's ex-deputy manager Gokulnath Shetty in PNB scam The raids continued till Saturday morning and reports say that showrooms in about 11 states have been raided. Stores in Dhanbad, Patna, Durgapur, and Jaipur have been raided. #PNBFraudCase: Visuals of Raid by ED officials at a #GitanjaliGems store in Durgapur, #WestBengal. pic.twitter.com/gYOKk7WGy4 — ANI (@ANI) February 17, 2018 × During the raids, diamond jewellery worth of two crores was reportedly seized from Geetanjali gems' Patna showroom. Also read: ED recovers total of Rs 5649 crore assets, raids 35 new locations From their Jaipur showroom, diamonds, gold, silver and gems stones worth of three crores was seized. Also read: Allahabad Bank discloses Rs 2,000 crore exposure in PNB fraud Sources say that the Punjab 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. Indian Banking Association will hold meeting with Chiefs of all the PSU banks through video conferencing from its headquarters in Mumbai later today: Sources #PNBFraudCase — ANI (@ANI) February 17, 2018 ×

PNB scam: ED raids showrooms of Geetanjali gems

The Ministry of External Affairs said on Friday that they were not aware of the <a href="http://www.wionews.com/india-news/pnb-scam-nirav-modi-left-india-on-january-1-say-officials-32966" target="_blank">location of Nirav Modi</a>.

MEA&nbsp; Raveesh Kumar said &quot; I can say with confidence that this gentleman is not in touch with any of our officials and frankly at this stage, we are not aware of his location&quot;.

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I can say with confidence that this gentleman is not in touch with any of our officials &amp; frankly at this stage we are not aware about his location: Raveesh Kumar, MEA <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a> <a href="https://t.co/1fMUamd1pg">pic.twitter.com/1fMUamd1pg</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964469268367757312?ref_src=twsrc%5Etfw">February 16, 2018</a></blockquote>
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Billionaire jewellery designer Nirav Modi 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.

His wife Ami, a US citizen, and business partner Mehul Choksi also left the country on January 6, while his brother Nishal left on January 1.&nbsp;

A lookout notice was issued&nbsp;against all the four after registering an FIR.

The <a href="http://www.wionews.com/india-news/passports-of-nirav-modi-mehul-choksi-suspended-mea-gives-one-week-to-respond-33087" target="_blank">MEA also suspended with immediate effect the passports </a>of diamantaire Nirav Modi and his business partner Mehul Choksi for four weeks.

The ministry gave them one week to respond why their passports should not be revoked.

MEA Raveesh Kumar said 'I can say with confidence that this gentleman is not in touch with any of our officials and frankly at this stage, we are not aware of his location'

The Ministry of External Affairs said on Friday that they were not aware of the location of Nirav Modi. MEA Raveesh Kumar said " I can say with confidence that this gentleman is not in touch with any of our officials and frankly at this stage, we are not aware of his location". I can say with confidence that this gentleman is not in touch with any of our officials & frankly at this stage we are not aware about his location: Raveesh Kumar, MEA #NiravModi #PNBFraudCase pic.twitter.com/1fMUamd1pg — ANI (@ANI) February 16, 2018 × Billionaire jewellery designer Nirav Modi 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. His wife Ami, a US citizen, and business partner Mehul Choksi also left the country on January 6, while his brother Nishal left on January 1. A lookout notice was issued against all the four after registering an FIR. The MEA also suspended with immediate effect the passports of diamantaire Nirav Modi and his business partner Mehul Choksi for four weeks. The ministry gave them one week to respond why their passports should not be revoked.

No official is in touch with Nirav Modi: MEA

Allahabad Bank has an exposure of around Rs 2,000 crore by way of Letter of Undertakings issued by Punjab National Bank to Nirav Modi, the billionaire diamond merchant in the centre of over Rs 11,000-crore fraud.

&quot;We have an exposure of around Rs 2,000 crore in the fraud detected by PNB two days back,&quot; a source in Allahabad Bank said.

PNB has said that group companies of Nirav Modi and his relative Mehul Choksi&#39;s Gitanjali Gems in collusion with two of their officials from its Brady House Mumbai branch, were fraudulently receiving LoUs since 2011.

Foreign branches of a few Indian banks gave credit against these LoUs to Nirav Modi&#39;s companies to repay overseas suppliers.

The source said that money had been credited to the Nostro account of PNB from the Hong Kong branch of Allahabad Bank.&nbsp;

The bank has already filed for claims, the source said.

Other banks which were involved in giving credit based on LoUs issued by PNB were Axis Bank, Union Bank and the SBI. &nbsp;

Allahabad Bank has an exposure of around Rs 2,000 crore by way of Letter of Undertakings issued by Punjab National Bank to Nirav Modi

Allahabad Bank has an exposure of around Rs 2,000 crore by way of Letter of Undertakings issued by Punjab National Bank to Nirav Modi, the billionaire diamond merchant in the centre of over Rs 11,000-crore fraud. "We have an exposure of around Rs 2,000 crore in the fraud detected by PNB two days back," a source in Allahabad Bank said. PNB has said that group companies of Nirav Modi and his relative Mehul Choksi's Gitanjali Gems in collusion with two of their officials from its Brady House Mumbai branch, were fraudulently receiving LoUs since 2011. Foreign branches of a few Indian banks gave credit against these LoUs to Nirav Modi's companies to repay overseas suppliers. The source said that money had been credited to the Nostro account of PNB from the Hong Kong branch of Allahabad Bank. The bank has already filed for claims, the source said. Other banks which were involved in giving credit based on LoUs issued by PNB were Axis Bank, Union Bank and the SBI.

Allahabad Bank discloses Rs 2,000 crore exposure in PNB fraud

Communist Party of India (Marxist) (CPI-M) leader Prakash Karat on Thursday hit out at the Prime Minister Narendra Modi government, saying that the <a href="http://www.wionews.com/india-news/pnb-scam-ed-cbi-turn-up-heat-on-nirav-modi-jewellery-worth-rs-5100-cr-seized-32998">Punjab National Bank (PNB) fraud</a> is a type of &quot;crony capitalism&quot; flourishing under them.

Speaking to ANI, the CPI (M) leader demanded comprehensive inquiry in the matter, so that the culprits involved in the said scam, meet the justice.

&quot;It shows a type of crony capitalism flourishing in Prime Minister Narendra Modi Government,&quot; Karat said.

&quot;Recently, this gentleman was photographed with the Prime Minister at Davos. Like Vijay Mallya, will businessman Nirav Modi also be allowed to escape the law? Want comprehensive inquiry in the matter,&quot; he added.

Earlier on Thursday, the Enforcement Directorate (ED) wrote to the Ministry of External Affairs (MEA) seeking revocation of passports of Nirav Modi in connection with the PNB fraud case.

Besides Nirav Modi, the agency also asked to revoke the passport of his wife Ami Modi and his relative Mehul Choksi.

The agency also conducted searches at 17 premises of Nirav Modi and Geetanjali Gems across India in connection with the same case.

The probe agency also seized stocks of gold, diamond and other precious stones worth Rs 5100 crore.&nbsp;

Meanwhile, the Central Bureau of Investigation (CBI) has questioned the PNB bank officials but has not arrested any person as of now.

The PNB detected a 1.77 billion dollar scam in which jeweller Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.&nbsp;

Prakash Karat said the Punjab National Bank fraud was 'a type of crony capitalism flourishing in the Prime Minister Narendra Modi government'

Communist Party of India (Marxist) (CPI-M) leader Prakash Karat on Thursday hit out at the Prime Minister Narendra Modi government, saying that the Punjab National Bank (PNB) fraud is a type of "crony capitalism" flourishing under them. Speaking to ANI, the CPI (M) leader demanded comprehensive inquiry in the matter, so that the culprits involved in the said scam, meet the justice. "It shows a type of crony capitalism flourishing in Prime Minister Narendra Modi Government," Karat said. "Recently, this gentleman was photographed with the Prime Minister at Davos. Like Vijay Mallya, will businessman Nirav Modi also be allowed to escape the law? Want comprehensive inquiry in the matter," he added. Earlier on Thursday, the Enforcement Directorate (ED) wrote to the Ministry of External Affairs (MEA) seeking revocation of passports of Nirav Modi in connection with the PNB fraud case. Besides Nirav Modi, the agency also asked to revoke the passport of his wife Ami Modi and his relative Mehul Choksi. The agency also conducted searches at 17 premises of Nirav Modi and Geetanjali Gems across India in connection with the same case. The probe agency also seized stocks of gold, diamond and other precious stones worth Rs 5100 crore. Meanwhile, the Central Bureau of Investigation (CBI) has questioned the PNB bank officials but has not arrested any person as of now. The PNB detected a 1.77 billion dollar scam in which jeweller Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders. The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.

PNB scam a type of crony capitalism: CPI-M

Major jewellers Gitanjali, Ginni and Nakshatra have also come under the scanner of various investigating agencies following PNB&#39;s declaration of Rs 11,400 crore fraud, committed allegedly by Nirav Modi.

Punjab National Bank (PNB) disclosed this morning that it has detected some fraudulent transactions with financial implication of USD 1.77 billion (about Rs 11,346 crore) and the matter has been referred to law enforcement agencies for the recovery.

&quot;Four big jewellers -- Gitanjali, Ginni, Nakshatra and Nirav Modi -- are under scanner. The CBI and Enforcement Directorate is looking at their arrangements with various banks and end use of money,&quot; a senior official of a public sector bank told PTI.

No immediate comments were available from these companies.

There is strict instruction from the finance ministry to all banks that no big fish should go scot free and no honest borrower is harassed, the official said.

Banks are now looking at their systems and processes so that such frauds are not repeated, the official said.

All banks have been asked to present a status report as soon as possible, he added.

In 2015, Bank of Baroda -- another public sector bank -- had brought to light a scam in which two Delhi businessmen cheated it of Rs 6,000 crore which slightly less than USD 1 billion at that time.

Investigations revealed major irregularities, because the forex transactions were done mainly via advance remittances for import, through newly-opened current accounts. Heavy cash transactions -- sometimes four or five times a day -- were also noticed.

The Enforcement Directorate, under the revenue department of the finance ministry, had arrested the businessman duo under money laundering provisions.

PNB said in a statement that fraudulent transactions took place in one of its branches in Mumbai for the benefit of a few select account holders with their apparent connivance.

Based on these transactions, done by his brother Nishal, wife Ami and Mehul Chinubhai Choksi, other banks appear to have advanced money to these customers abroad.

All this was being carried out in connivance with officials as high as Deputy General Manager since 2011.

The CBI has received two complaints from the PNB against billionaire diamantaire Nirav Modi and a jewellery company alleging fraudulent transactions.

Modi, whose jewellery creations are popular among global celebrities, may face a fresh CBI probe as the agency is looking at suitable legal action to be taken in the case.

He is already being investigated by the CBI for alleged cheating and fraud involving Rs 280 crore at a PNB branch.&nbsp;

The three jewellers are Gitanjali, Ginni and Nakshatra

Major jewellers Gitanjali, Ginni and Nakshatra have also come under the scanner of various investigating agencies following PNB's declaration of Rs 11,400 crore fraud, committed allegedly by Nirav Modi. Punjab National Bank (PNB) disclosed this morning that it has detected some fraudulent transactions with financial implication of USD 1.77 billion (about Rs 11,346 crore) and the matter has been referred to law enforcement agencies for the recovery. "Four big jewellers -- Gitanjali, Ginni, Nakshatra and Nirav Modi -- are under scanner. The CBI and Enforcement Directorate is looking at their arrangements with various banks and end use of money," a senior official of a public sector bank told PTI. No immediate comments were available from these companies. There is strict instruction from the finance ministry to all banks that no big fish should go scot free and no honest borrower is harassed, the official said. Banks are now looking at their systems and processes so that such frauds are not repeated, the official said. All banks have been asked to present a status report as soon as possible, he added. In 2015, Bank of Baroda -- another public sector bank -- had brought to light a scam in which two Delhi businessmen cheated it of Rs 6,000 crore which slightly less than USD 1 billion at that time. Investigations revealed major irregularities, because the forex transactions were done mainly via advance remittances for import, through newly-opened current accounts. Heavy cash transactions -- sometimes four or five times a day -- were also noticed. The Enforcement Directorate, under the revenue department of the finance ministry, had arrested the businessman duo under money laundering provisions. PNB said in a statement that fraudulent transactions took place in one of its branches in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions, done by his brother Nishal, wife Ami and Mehul Chinubhai Choksi, other banks appear to have advanced money to these customers abroad. All this was being carried out in connivance with officials as high as Deputy General Manager since 2011. The CBI has received two complaints from the PNB against billionaire diamantaire Nirav Modi and a jewellery company alleging fraudulent transactions. Modi, whose jewellery creations are popular among global celebrities, may face a fresh CBI probe as the agency is looking at suitable legal action to be taken in the case. He is already being investigated by the CBI for alleged cheating and fraud involving Rs 280 crore at a PNB branch.

PNB fraud: After Nirav Modi, 3 other big jewellers come under the scanner

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PNB scam: ED raids showrooms of Geetanjali gems

No official is in touch with Nirav Modi: MEA

Allahabad Bank discloses Rs 2,000 crore exposure in PNB fraud

PNB scam a type of crony capitalism: CPI-M

PNB fraud: After Nirav Modi, 3 other big jewellers come under the scanner