PNB scam: ED continues to raid Nirav Modi-linked properties across 15 cities

The search operations come days after PNB, the second largest public sector bank in India, detected Rs 11,400 crore scam in one of its branches in Mumbai.

PNB scam: ED continues to raid Nirav Modi-linked properties across 15 cities

NEW DELHI: The Enforcement Directorate (ED) has on Monday been conducting raids at 45 locations across 15 cities in connection with the multi-million Punjab National Bank (PNB) fraud.

In West Bengal's Kolkata, ED conducted search operations at six locations of Gitanjali and Nakshatra jewellery outlets.

The Directorate also raided inside Shoppers Stop at Alpha One Mall in Gujarat's Ahmedabad.

A search team of ED also raided an outlet of Gitanjali Group in Shoppers Stop at Elante Mall in Punjab's Chandigarh.

The search operations come days after PNB, the second largest public sector bank in India, detected Rs 11,400 crore scam in one of its branches in Mumbai.

It had emerged that the fraudulently issued Letters of Undertaking (LoUs) from the Mumbai branch of PNB were issued in favour of Hong Kong branches of Allahabad Bank and Axis Bank. These letters helped facilitate Rs 280.7 crore fraud by jewellery designer Nirav Modi among others.

As per the FIR lodged with the CBI, Shetty and Kharat had transmitted SWIFT instructions to the above-mentioned banks for raising buyers credit and for funding the Nostro accounts of PNB, without due procedure. The LoUs were issued on behalf of Diamond R US, Solar Exports, Stellar Diamonds.

Meanwhile, the Enforcement Directorate has been raiding the premises of Nirav Modi across the country. It conducted further searches at 21 locations and seized diamonds, gold, precious stones/ metals and jewellery worth Rs 25 crore (Book Value). According to ED, the total seizure value till now is Rs 5674 Crore.

"ED conducted further searches at 21 locations across India in Nirav Modi case and seized diamonds, gold, precious stones/ metals & jewellery worth Rs 25 crore (Book Value). Total seizure till now is Rs 5674 Crore," Enforcement Directorate had said.

A case under Prevention of Money Laundering Act (PMLA) against him and other accused has been registered. Nirav Modi is currently believed to be in a hotel in New York.

On Saturday, a Special Central Bureau of Investigation (CBI) court had sent Gokulnath Shetty, the then deputy Manager (now Retd) of the Punjab National Bank in 14-day police custody till March 3 in connection with the fraud.

Along with Shetty, Manoj Kharat, the single window operator (SWO) and Hemant Bhat, the Authorised Signatory of the Nirav Modi Group of Firms were also sent to the police custody.

By continuing to use the site, you agree to the use of cookies. You can find out more by clicking this link

Close