ED searches Nirav Modi's premises

ANI | Updated: Feb 15, 2018 20:49 IST

New Delhi [India], Feb.15 (ANI): The Enforcement Directorate (ED) on Thursday conducted searches at 17 premises of businessman Nirav Modi and Geetanjali Gems across India in connection with Punjab National Bank (PNB) fraud case.

The probe agency also seized stocks of gold, diamond and precious stones worth Rs 5100 crore.

Meanwhile, the Central Bureau of Investigation (CBI) has questioned PNB bank officials in connection with case but has not arrested any person as of now.

Earlier, the CBI has sealed the residence of Ami Modi, wife of Nirav Modi in Mumbai's Worli in connection with the case.

The CBI sealed her residence after conducting a raid on February 3 and 4. The probe agency also seized 95 documents including import bills and applications.

The Punjab National Bank detected a 1.77 billion dollars scam in which jeweller Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

The PNB has suspended 10 officers involved in this scam and referred the matter to CBI for investigation.

The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.

The CBI had received the complaint from PNB on January 28 and a case was registered in the case on January 31.

The CBI also issued the circulars against all the accused on January 31.(ANI)