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Rs 114-bn PNB fraud: ED seizes Rs 250-mn assets in 21 fresh raids

Six properties in Mumbai belonging to the jeweller Nirav Modi were also sealed; total seizure stands at Rs 56.74 bn

IANS  |  New Delhi 

Police personnel guard outside a PNB branch during NCP's protest against Nirav Modi in the Punjab National Bank fraud case in Thane (Photo: PTI)

The (ED) on Saturday conducted raids at 21 places across India and seized assets worth Rs 25 crore in connection with the multi-crore Punjab Bank (PNB) scam, an official said.

"The ED conducted further searches at 21 locations across India in the case and seized diamonds, gold, precious stones, and jewellery worth Rs 25 crore (Rs 250 million) (book value). The total seizure till now in the case is Rs 5,674 crore (Rs 56.74 billion)," ED spokesman, Anil Rawal told IANS.

The agency on Friday had conducted searches at 35 locations in connection with the fraud involving around Rs 114 billion and seized diamonds, gold, and jewellery worth Rs 5.4 billion.

The ED on Thursday registered an FIR under the Prevention of Money Laundering Act and conducted raids after the alleged fraud by billionaire diamond trader and his Mumbai-based firms Diamond R US, Solar Exports, and Stellar Diamonds.

Six properties in Mumbai belonging to the jeweller were also sealed.

The action is based on a Central Bureau of Investigation (CBI) case registered against on Wednesday in connection with the fraud sum of Rs 64.98 billion.

The CBI on Thursday registered fresh FIRs against 10 directors of the of companies on charges of criminal conspiracy and cheating under the Indian Penal Code and Prevention of Corruption Act, including Mehul Choksi, Managing Director of Gitanjali 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 were also named in the CBI FIR for causing alleged loss of Rs 48.86 billion.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sat, February 17 2018. 19:44 IST