The Enforcement Directorate today raided celebrity jeweler Nirav Modi's home, showrooms and offices in Mumbai, Delhi and Surat after Punjab National Bank complained of a massive fraud that benefited Mr Modi. The agency today conducted searches at nine locations in the country.
The 48-year-old jeweler is already being investigated by the CBI in connection with a Rs. 280 crore fraud. According to PNB, the alleged wrongdoing was unearthed when Nirav Modi's companies sought a fresh loan last month. When the bank asked for guarantees before issuing the Letters of Understanding, the jewellery company allegedly said they had earlier used the facility, ticking off an investigation by the bank.
Here are updates on the allegations of financial fraud against Nirav Modi:
Feb 15, 2018
2G, Commonwealth, Adarsh scam took place during the Congress: Ravi Shankar Prasad
Congress leader Poonawaala had once tweeted an image of a show by Nirav Modi which Rahul Gandhi had attended. What would they want to say about that
Congress is constantly taking Vijay Mallya's name. I want to read out something that people should know...: In a series of email letters, Mallya thanked the former PM for making the time to talk to him. "Thank you for sparing the time to meet me on September 8 to talk about the difficulties Kingfisher is facing at this time." Mallya's letter to Dr Singh said.
2G scam, commonwealth, adarsh scam, all of them took place during the Congress.
Nirav Modi is believed to be in Switzerland according to the Press Trust of India.
Billionaire jewellery designer Nirav Modi had left the country on January 1, long before the CBI received a complaint from Punjab National Bank on January 29 about a Rs. 280-crore fraud, officials said.
His brother Nishal, a Belgian citizen, also left the country on January 1, while his wife Ami, a US citizen, and business partner Mehul Choksi, the Indian promoter of Gitanjali jewellery chain, flew out on January 6, the officials said.
"This happened in UPA's time and has been kept suppressed. It is their gift. In fact, we have brought it out. There will be action definitely," said Defence Minister Nirmala Seetharaman, reported news agency IANS.
Delhi Chief Minister Arvind Kejriwal asked in a tweet, "Is it possible to believe that he or Vijay Mallya left the country without active connivance of BJP govt?"
Congress President Rahul Gandhi tweeted about Nirav Modi's meeting with the prime minister at Davos this year.
Was he tipped off like Lalit Modi & Vijay Mallya to escape by someone within the Govt?
Has it become the norm for letting people run away with public money?
Who is responsible?
Pl wait for AICC PC at 2 PM today.
PNB chief said, "If the investigation says it's our liability, we will accept it."
Sunil Mehta said, "We will honour our bona fide commitments. We will comply with regulators and matter is being investigated. We will not spare anyone."
Punjab National Bank boss Sunil Mehta addressed a press conference on this issue. He said, "We have investigated this and gone to the law enforcement officials. We have informed all the lenders and SEBI for clean banking. We have the capabilities to come out of the situation. Raids and documents are being seized by law enforcement agencies to protect the bank's interest."
At least nine properties were searched, including Nirav Modi's home in Mumbai's Kurla, his jewellery boutique in Mumbai's Kala Ghoda, and showrooms in Chanakyapuri and Defence Colony in Delhi.