21 more PNB scam-related raids; ED claims property worth ₹5,674 crore seized so far

Conducting raids at 21 more places across India, the Enforcement Directorate seized assets worth ₹25 crore in connection with the multi-crore Punjab National Bank scam

Photo by Dan Kitwood/Getty Images      
Photo by Dan Kitwood/Getty Images


The Enforcement Directorate (ED) on Saturday conducted raids at 21 more places across India and seized assets worth ₹25 crore in connection with the multi-crore Punjab National Bank (PNB) scam, an official said.

"The ED conducted further searches at 21 locations across India in the Nirav Modi case and seized diamonds, gold, precious stones and jewellery worth ₹25 crore (book value). The total seizures till now in the case is ₹5,674 crore," ED spokesman Anil Rawal told IANS.

The agency on Friday had conducted searches at 35 locations in connection with the fraud involving around ₹11,300 crore and seized diamonds, gold and jewellery worth ₹49 crore.

Six properties in Mumbai belonging to jeweller Nirav Modi were also sealed.

However, several sources in the ED have stated that it is not possible for the officials to have evaluated the amount of the property in two days because the raids just began. More importantly, it is another team which evaluates the seized properties.

The ED on Thursday registered an FIR under the Prevention of Money Laundering Act and conducted raids after surfacing of the alleged fraud by billionaire diamond trader Nirav Modi and his Mumbai-based firms: Diamonds R Us, Solar Exports, and Stellar Diamonds

The action is based on a Central Bureau of Investigation (CBI) case registered against Nirav Modi on Wednesday in connection with a fraud involving ₹6,498 crore.

The CBI on Thursday registered fresh FIRs against 10 directors of the Gitanjali Group of companies on charges of criminal conspiracy and cheating under the Indian Penal Code and the Prevention of Corruption Act, including Mehul Choksi, the Managing Director of Gitanjali Gems Ltd based in Mumbai's Walkeshwar.

The FIR also named two former bank employees said to be directly involved in the fraudulent transactions.

Additionally, three companies of Gitanjali Group were also named in the CBI FIR for defrauding ₹4,886.72 crore.

With inputs from NH Political Bureau; Story updated at 11.30 am to include inputs from ED sources

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Published: 18 Feb 2018, 10:15 AM