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Published On: Thu, Feb 15th, 2018

ED Raided several properties linked to jewellery designer Nirav Modi in Mumbai, Delhi & Gujara

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nirav-modi-mumbai-showroom-raid_650x400_71518677722NEW DELHI/ MUMBAI: The Enforcement Directorate (ED) on Thursday raided several properties linked to billionaire jewellery designer Nirav Modi in Mumbai, Delhi and Gujarat, and seized diamond, jewellery and gold worth Rs5,100 crore, officials said.

Nirav Modi is at the centre of the Rs11,400 crore PNB fraud that came to light Wednesday. The ED raids came after the agency filed a Rs280 crore money laundering case against Nirav Modi, his wife Ami Modi, brother Nishal and business partner Mehul Choksi on Wednes
“The raids have been conducted on the charges of money laundering and whether the firms have defrauded the bank,” said the ED official. A spokesperson for ED confirmed the development. The raids have happened in two locations including Mumbai and Delhi at the office, premises of dweller Nirav Modi and Mehul Choksi of Gitanjali Gems Ltd.
The premises raided by the ED in Mumbai include Modi’s residence in Kurla, his jewellery boutique in Kala Ghoda area, three company locations in Bandra and Lower Parel, three premises in Surat in Gujarat and Modi’s showrooms in Chanakyapuri and Defence Colony in Delhi.
Later in the day, news agency PTI, quoting unnamed officials, reported that the ED had seized diamonds, jewellery and gold worth Rs 5,100 crore during the searches. Six properties in Mumbai belonging to the jeweller were also sealed.
This action is based out of Central Bureau of Investigation (CBI) case against Nirav Modi of the fraud amount of Rs 280 crore.“The other two complaints which allege a fraud of Rs 11,400 crore are not yet a part of the PMLA case. These will supplemented in the Rs 280 crore case at a later stage,” said the ED official quoted earlier.

While the suspended PNB officials are also on the ED radar, whether their premised have been raided or not was not confirmed immediately. This action by the enforcement agency come amidst the rumours that Modi has fled the country. However, a CBI official said that no lookout notice has been issued against him yet.

“No lookout notice for Modi yet since he has not been officially summoned for questioning. He has several offices globally and we are expecting cooperation when he is summoned. It is not to be assumed that he has fled the country like Vijay Mallya,” said a CBI official requesting on anonymity.
State-run PNB on Wednesday morning said that it has unearthed fraudulent transactions of around Rs11,400 crore in one of its branches in Mumbai and filed a complaint with the enforcement agencies on the fraud amid concern that the contagion could spread to other banks.(With Agency Inputs).

 

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