New Delhi: Day after billionaire jewellery designer Nirav Modi came under the CBI scanner, the Enforcement Directorate (ED) on Thursday conducted raids in over 10 properties of Modi’s properties including his residence in Mumbai.
This comes after the ED registered a money laundering case against the Mumbai-based jeweller, ED’s actions come after the Central Bureau of Investigation (CBI) had registered a case against Modi on February 5.
ALSO RAED: Jewellery designer Nirav Modi under CBI scanner over ₹10,000 crore fraud
State-owned Punjab National Bank had earlier detected a $1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from other Indian lenders.
PNB has suspended 10 officers and referred the matter to CBI for investigation.
PNB had lodged an FIR with CBI stating that fraudulent LoUs worth Rs 280.7 crore were first issued on January 16. At the time, PNB had said it was digging into records to examine the magnitude of the fraud.
The CBI has received two complaints from the PNB against billionaire diamantaire Nirav Modi and a jewellery company alleging fraudulent transactions.
Modi, whose jewellery creations are popular among global celebrities, may face a fresh CBI probe as the agency is looking at suitable legal action to be taken in the case. He is already being investigated by the CBI for alleged cheating and fraud involving Rs 280 crore at a PNB branch.