PNB Fraud: ED raids 17 places, seizes jewellery, property worth Rs 5,100 crore

The Enforcement Directorate (ED) carried out raids at 17 locations across five states on Thursday to get hold of evidence and seize properties of billionaire diamond jeweller Nirav Modi, his family members and his partner Mehul Choksi in a money laundering case. The financial investigating agency swung into action a day after Punjab National Bank (PNB) found fraudulent transactions worth Rs 11,300 crore, and informed the Bombay Stock Exchange.

More than 200 sleuths swooped down at least 17 locations in Mumbai, Surat and Delhi, Hyderabad and Jaipur, collecting evidences and seizing properties of Modi. Sources in the agency stated that they have managed to seize gold, diamond, jewellery and properties worth more than Rs 5,100 crore since morning. The agency has sealed six locations across the five states. In Jaipur, the agency has seized an FD of Rs 3.9 crore and properties worth several crores.

The ED sleuths raided Modi's residence in Kurla, three company locations in Bandra and Lower Parel, his jewellery boutique in Kala Ghoda, three premises in Surat in Gujarat and showrooms in Pancharipuri and Defence Colony in Delhi.

"The valuation of gold and jewellery seized at these locations has not yet started yet," said a senior ED officer adding that cash vans are being used to carry the gold, diamond and jewellery items.

The ED filed a case on basis of FIR registered by CBI against Modi, his wife Ami Modi, brother Nishal Modi and maternal uncle Mehul Choksi on January 31 for allegedly cheating PNB of over Rs 280 crore in 2017.

On February 3 and February 4, the CBI had also carried out raids at 20 places. The CBI had raided residences of Nirav and Nishal, residence in Peddar Road in Mumbai, office premises of Stellar Diamonds in Surat, SEZ diamond park, residential premises of Mehul Choksi. Residential premise of Choksi at Spring Mill at Dadar, office premises of Diamond RS at Opera House, office premises of Firestar International Limited at Lower Parel, residential premise of Ami Modi at Worli and an office premise of Diamond R US, SEZ in Surat was searched wherein the agency had seized laptops, computer hard disks and 95 documents relating to input bills and applications.

Who is Nirav Modi? 

• At the centre of a massive Rs 11,344.40 crore bank fraud case
• Grew up in Antwerp in Belgium, a diamond hub
• Dropped out from Wharton School
• Joined his uncle in India at the age of 19 years and trained in diamond trade
• Born into a Gujarati family, Modi founded Firestar Diamond 
• Has retail business across Delhi, Mumbai, New York, London, Hong Kong and Macau
• Inauguration of his first store in New York’s Madison Avenue attended by US President Donald Trump
• Celebrity clientele including Kate Winselt, Taraji P Henson, Priyanka Chopra, Aishwarya Rai 
• His net worth $1.73 billion
• One of the youngest Indians in Forbes Billionaires List 2017 — 85th richest Indian, 1,234th in the world