PNB fraud: ED raids Nirav Modi’s Mumbai residence

19 February, Mumbai


As raids continued for the fifth consecutive day in connection with the 11,400 crore PNB scam, the Enforcement Directorate today raided diamond merchant Nirav Modi’s Mumbai residence.

According to news agency PTI, ED officials searched his Samudra Mahal bungalow in South Mumbai.

ED also conducted searches at 38 other locations including Mumbai, Pune, Aurangabad, Thane, Kolkata, Delhi, Lucknow, Bengaluru and Surat.

While it is believed that gems and jewellery worth 5716 crore rupees have been seized so far, ED is now collecting all financial documents related to Nirav Modi and Mehul Choksi’s businesses to take the probe forward.

Meanwhile, a CBI team continued its searches at the Brady House branch of Punjab National Bank in south Mumbai. The branch was officially sealed and entry to the premises was restricted.

Both, the CBI and the ED have registered two separate FIRs in the case.

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