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Nirav Modi: ED seizes diamond, gold jewellery worth Rs 5100 crore in searches

Press Trust of India  |  Mumbai/New Delhi 

The conducted searches in several properties linked to billionaire designer in Mumbai, and today, and seized diamond, and gold worth Rs 5,100 crore, officials said.

The raids came after the agency filed a Rs 280-crore money laundering case against Modi, his wife Ami, brother and business partner yesterday, following a complaint by ED officials, speaking on condition of anonymity, said five properties belonging to Modi and the other accused in were sealed by the agency. It was now planning to move the with a plea to revoke his passport, they said. Agency sleuths swooped down on at least 10 premises linked to the case early this morning. They searched Modi's residence in Kurla, boutique in Kala Ghoda area, three company offices in Bandra and Lower Parel in Mumbai, three premises in in and Modi's showrooms in Chanakyapuri and Defence Colony in

Diamond, and gold worth Rs 5,100 crore have been seized during the searches, the officials said. The ED filed the case under the Prevention of Money Laundering Act (PMLA) after going through a CBI FIR registered early this month. It is understood that the ED also went through the PNB complaint that was made out against Modi and others. The agency, they said, would probe if the allegedly funds were laundered and these proceeds of crime were subsequently used by the accused to create illegal assets and black money.

Modi (46), a regular feature on the lists of rich and famous since 2013, was booked by the CBI, along with wife, brother and business partner Choksi on January 31, for allegedly cheating the state-run to the tune of Rs 280 crore. The has sent two more complaints to the CBI on Tuesday, saying the scam was worth more than Rs 11,400 crore.

The ED has enllarged its probe to look into the charge of fraud of Rs 11,400 crore, agency officials said.

The CBI also raided the residences of Modi, his brother, wife and Choksi, all partners of Diamond R US, Solar Exports and and two officials -- Gokulnath Shetty (now retired) and Manoj Kharat, who were also named in the FIR as accused.

"The public servants committed abuse of official position to cause pecuniary advantage to Diamond R US, Solar Exports, and a wrongful loss of Rs 280.70 crore to during 2017," the CBI FIR has alleged.

The had also alleged in the complaint that a fraudulent issuance of Letters of Undertakings (LOU) took place on January 16, 2018 for and on behalf of the accused firms, which approached the and presented a set of import documents to the branch with a request to allow buyers credit for making payment to overseas suppliers.

The diamantaire is an citizen but his brother and wife are not Indian nationals.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 15 2018. 19:40 IST
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