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PNB fraud: Enforcement Directorate raids over 45 locations in 15 cities

The ED on Friday and Saturday also conducted raids at 35 and 21 locations across India respectively in connection with the 114 billion fraud

IANS  |  New Delhi 

Nirav Modi scam at PNB
Enforcement Directorate team raids the Viviana Mall after a complaint filed by Punjab National Bank over Nirav Modi's fraud case, in Thane. File Photo: PTI

The (ED) on Sunday conducted searches at over 45 more locations in 15 cities across India in connection with the multi-crore (PNB) scam, an official said.

The agency raided 10 places in Bengaluru, seven in Delhi, five each in Kolkata and Mumbai, four each in Chandigarh and Hyderabad, three each in Patna and Lucknow, two in Ahmedabad and one each in Chennai and Guwahati.

It also conducted raids in Goa, Jaipur, Srinagar and Jalandhar cities whose locations are yet to be confirmed, the official said.

In Delhi, the conducted raids at the brand counter in MGF mall in Saket, Ambience mall in Vasant Kunj, counter shoppers stop in Janakpuri, RCube in Rajouri Garden, Regal jewellers and store in Dwarka sector 11 and Rohini.

The on Friday and Saturday also conducted raids at 35 and 21 locations across India respectively in connection with the fraud involving around Rs 114 billion and has seized diamonds, gold and jewellery worth Rs 56.74 billion.

The on Thursday registered a FIR under the and conducted raids after the 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 Rs 64.98 billion.

The CBI on Thursday registered fresh FIRs against 10 directors of the Group of companies on charges of criminal conspiracy and cheating under the (IPC) and Prevention of Corruption Act, including Mehul Choksi, the Managing Director of 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 Group were also named in the CBI FIR for defrauding Rs 48.86 billion


First Published: Sun, February 18 2018. 20:55 IST