The Enforcement Directorate (ED) on Friday conducted raids at one of the premises of businessman Nirav Modi in connection with the Rs. 11,400 crore Punjab National Bank (PNB) fraud case.
The Enforcement Directorate yesterday also conducted searches at several places linked to Nirav Modi in Mumbai, Delhi and Gujarat, and seized diamond, jewellery and gold worth 5,100 crore rupees.
The raids came after the agency filed a money laundering case against Nirav Modi, his wife Ami, brother Nishal and relative Mehul Choksi on February 14, following a complaint by the PNB.
The agency has filed the case under the Prevention of Money Laundering Act (PMLA) on the basis of an FIR registered by the Central Bureau of Investigation (CBI) early this month.
The PNB detected scam in which jeweller Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.
The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials filed a complaint with the CBI on January 31.
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