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Nirav Modi case update: assets seized and showrooms raided

Published
today Feb 16, 2018
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As the Nirav Modi fraud case continues, a number of the diamond tycoon’s brand showrooms have been raided and 5,100 crore rupees (approximately 766.6 million US dollars) worth of assets have been seized by the Enforcement Directorate.

Nirav Modi has had assets seized and showrooms raided as part of the ongoing PNB case - Nirav Modi- Facebook


On February 15, the Enforcement Directorate conducted a raid at a Gili Jewellers showroom in Viviana Mall in Thane and earlier in the day raids were conducted at 17 different Nirav Modi and Gitanjali Gems stores across the country. These raids were in connection with the ongoing Nirav Modi and Punjab National Bank (PNB) fraud case. The Enforcement Agency also seized around 5,100 crore rupees (approximately 766.6 million US dollars) in assets in the form of diamond jewellery and gold during the series of raids.

On February 16, the Union Government said in a statement that no one will be spared in this ongoing investigation, regardless of status.

"I wish to make it very clear on the behalf of the government that no one who has sought to derail ordinary banking system shall be spared, regardless of their stature and status," said the Union Minister Ravi Shankar Prasad in a statement.

It has now surfaced that Nirav Modi left India on January 1 before the scandal broke and his business partner, Mehul Choksi, who is in charge of Indian promotions for Modi’s Gitanjali jewellery chain, left on January 6. Choksi is also under investigation as part of the case.

The ongoing case sees Modi investigated for fraud as he allegedly procured fraudulent letters of undertaking (LoU) at the PNB which allowed his various diamond companies to fraudulently procure loans from up to 30 Indian and international banks.

The case began on January 29 when the total fraud suspected was at 280 crore rupees (approximately 42 million dollars) but the suspected total has now risen to 11,400 crore rupees (approximately 1.7 billion dollars).

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