The Enforcement Directorate (ED) on Friday evening conducted a raid at a franchise of Gitanjali Jewels in Bihar in connection with the Punjab National Bank (PNB) fraud case, and seized Rs 2 cores, said sources.
In its first action against the Gitanjali Group of Companies in the Rs 11,000 crore bank fraud in Bihar, the Enforcement Directorate (ED) on Saturday seized a total of Rs two crore from one of the franchise stores of the jewellery company in state capital Patna.
A team of nine officials of the ED, raided one “Mahalakhsmi Jewels” in city’s Maharaja Kameshwar Complex, late on Friday evening.
“The raids are underway and is likely to conclude by Saturday noon. Mahalakshmi Jewels is a franchise of Gitanjali and owned by Vijay Singh,” an official of ED-Patna told DNA on condition of anonymity.
He confirmed it to be the first action of ED in the Nirav Modi related scam in Bihar.
The official said Singh dealt with one Santosh Kumar Hota from Gitanjali and further investigations are underway. Sources said the security agencies were likely to conducted searches at other franchise stores too.
It may be mentioned that the ED has conducted searches several properties of Gitanjali Group of Companies across the country since Thursday after owner Mehul Choksi’s links with jewellery tycoon Nirav Modi was established in the multi-crore money-laundering case.
On Friday, the ED had raided the showroom of Gili Jewellers in Thane's Viviana Mall.
Earlier on February 15, the agency conducted searches at 17 premises of businessman Nirav Modi and Geetanjali Gems across India in connection with the same case.
The agency also seized stocks of gold, diamond and other precious stones worth Rs 5100 crore.
The raids come after the PNB detected a 1.77 billion dollar scam, in which jeweller Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.
The CBI had received the complaint from PNB on January 28 and a case was registered on January 31.
Meanwhile, the Ministry of External Affairs has suspended the validity of the passports of businessmen Nirav Deepak Modi and Mehul Chinubhai Choksi, with immediate effect on the advice of the Enforcement Directorate.
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