The Enforcement Directorate on Thursday conducted searches at several locations in connection with the case registered against diamond merchant Nirav Modi.
Earlier this year, the Central Bureau of Investigation had registered an offence against officials of the Punjab National Bank as well as Modi and his relatives, who are partners of two diamond firms in Mumbai, for allegedly committing a ₹280 crore fraud in 2017. The ED subsequently initiated inquiries and booked the Modis under the Prevention of Money Laundering Act.
Senior officers said that searches were conducted at various properties owner by the Modis in Mumbai and other cities, including his office and showroom in Kala Ghoda.
“Searches are underway at four locations in Mumbai, three in Surat and two in Delhi,” an ED officer said.
According to the FIR registered by the CBI, two officials of the PNB are alleged to have issued eight Letters Of Undertaking worth ₹280 crore to diamond firms owned by the Modis without going through the proper channels.