PNB scam effect | ED raids Nirav Modi’s residence, jewellery boutique in Rs 280 cr fraud case
The Enforcement Directorate today conducted multiple searches in connection with Rs 280 crore money laundering case against billionaire jewellery designer Nirav Modi and others following a complaint by the Punjab National Bank.
Official sources said the agency sleuths swooped down on at least ten premises of entities involved in the case early morning.
The premises raided by the ED here include Modi’s residence in Kurla, his jewellery boutique in Kala Ghoda area, three company locations in Bandra and Lower Parel, three premises in Surat in Gujarat and Modi’s showrooms in Chanakyapuri and Defence Colony in Delhi.
The ED had filed a 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 defrauded bank funds were laundered and these proceeds of crime were subsequently used by the accused to create illegal assets and black money.
The CBI had booked Modi, his brother, wife and a business partner for allegedly cheating PNB of over Rs 280.70 crore in 2017.
The CBI had also raided the residence of Modi, his brother Nishal, …read more