PNB Fraud: ED searches 35 more properties belonging to Nirav Modi

A day after raiding six premises of Nirav Modi including two residences of his and his wife Ami, the Enforcement Directorate (ED) on Friday expanded its searches and raided six more premises linked  to the accused in Mumbai, Pune, Kolhapur and Nagpur in Maharashtra.

The central agency is in the process of valuating the seized articles and so far have conducted searches at 35 locations across the country.

“On Thursday, we had seized jewellery, gold, diamond, precious metal and stones at a stock price of Rs 5,100 crore. The independent valuation has been started .  In Friday’s searches, we seized diamonds, gold and jewellery worth Rs 549 crore. The total seizure is now worth Rs 5,649 crore,” said an ED official.

Another ED official said, “We have also summoned Nirav Modi and Mehul Choksi, asking them to be present in the Mumbai ED office within a week. As they are not in the city, the summons have been handed over to the directors of their firms.”

The ED officials have  also seized several incriminating documents, that they believe would help them trace the alleged fraudulent transactions.