After a massive fraud of Rs 1.8 billion was dug up in a PNB branch in Mumbai, ED on Thursday launched raids on billionaire Nirav Modi’s showrooms, offices, and workshops. The ED has also written to authorities seeking revocation of Nirav Modi’s passport.
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ED officials raided at Firestar Diamond Pvt Ltd. head office in Bharat Diamond Bourse, in Bandra Kurla Complex, Modi’s private office at Kohinoor City in Kurla West, his showroom and boutique at Itts House in Fort in south Mumbai and a workshop in Peninsula Business Park in Lower Parel.
ED seized Rs. 5100 crore which included diamond jewellery, cash and gold from Modi’s offices, showrooms and diamond workshops in Surat, New Delhi, and Mumbai. The ED took action after PNB admitted that the fraud involved Modi’s companies.
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10 bank employees were suspended, but it is not clear whether anybody from the crucial PNB Credit Approval Committee or its Board of Directors figure among them. It is learnt that Modi – whose operations are spread across Europe, the US, Middle East, and the Far East besides India – has written to PNB and other banks that he would return their outstanding.