ED sleuths conducted raids at Nirav Modi’s showroom and office in Mumbai’s Kala Ghoda. Apart from that, the law enforcement agency also raided Modi’s three locations in Surat and two in Delhi.
State-owned Punjab National Bank (PNB), India’s second biggest lender on Wednesday told the Mumbai Stock Exchange that it has detected "fraudulent and unauthorised transactions" worth USD 1.77 million (approx).
The bank named Nirav Modi and a Jewellery company in two of its complaints filed to the Central Bureau of Investigation (CBI).
On the basis of the FIR by CBI, the ED has also registered a Prevention of Money Laundering Act (PMLA) case and other with cheating of Rs 280 crores in Punjab National Bank.
According to the sources in Mumbai CBI, Nirav Modi, the prime accused in USD 1.77 billion PNB fraud case has already fled India and unconfirmed reports said he is hiding in Switzerland.
Here are the live updates on PNB fraud case:
17: 16 PM | ED raids : Jewelry including gold, diamond worth RS 5100 crore seized from 17 premises of Nirav Modi, Gitanjali Gems premises
05: 21 PM : The government have seized property worth Rs 1,300 crore owned by Nirav Modi's wife.
05: 20 PM : The Gitanjali Jewels profit doubled up in 2011
05:19 PM : No one will be spared in the case. A thorough investigation has been ordered.
05: 11 PM : The government has issued a lookout notice for Nirav Modi.
05 : 10 PM : Nirav Modi has bypassed banking channels.
05: 09 PM : The Modi-government is clean. In the last three years no NPA have been made.
05: 08 PM : We have photographs of several congress leaders in cosy positions with people associated with PNB fraud case
05: 07 PM : Nirav Modi's passport will be revoked
Union Law Minister Ravi Shankar Prasad calls a press conference
# Mehta has said that the bank will take full responsibility if the investigation onus points to them.
# He said, "You are fully aware that we have kept the members involved in the developments. We have kept all the bankers aware of this situation."
# He asserted that the PNB employees who were involved in the fraud, have also been reported to the regulators, along with the creditors.
# Government of India is monitoring the situation & we are getting full support in nabbing the culprits: Sunil Mehta, MD PNB
# Meanwhile, Punjab National Bank is doing a press Conference. The bank said, committed to clean banking. will act against the accused.
# Congress has intensified its attack on Modi govt after PNB fraud case.
# Meanwhile, a photo of Nirav Modi has surfaced with Prime Minister Narendra Modi.
The Modi Govt will let Nirav Modi off the hook, just like Mallya & Lalit Modi. He is super rich, and is relative of Modi's friend Mukesh Ambani unlike the poor farmers who commit suicide for petty debts or the middle class who is screwed by the Govt inside out. #PNBScam pic.twitter.com/unu9ahbqI7— Gaurav Pandhi (@GauravPandhi) February 15, 2018
# Visuals from Punjab National Banks's MCB Brady House branch in Mumbai, from where transactions related to PNB Scam were carried out.
# Meanwhile, the brand ambassador of Nirav Modi diamond jewellery house Priyanka Chopra has sued the company alleging fraud. She accused Modi of not paying her for the ad campaign.
# AAP Chief Arvind Kejriwal has raised questions BJP govt after Nirav Modi fled India. He said, "Is it possible to believe that he or vijay mallya left the country without active connivance of BJP govt?"
# According to the reports, Nirav Modi has fled India and unconfirmed reports say he is hiding in Switzerland.
# ED raids at Jeweller and businessman Nirav Modi's three locations in Surat, four in Mumbai & two in Delhi.
PNB Fraud Case: ED team at Nirav Modi's showroom & office in Mumbai's Kala Ghoda. pic.twitter.com/3YQq4lyKNj— ANI (@ANI) February 15, 2018
# What happened since Wednesday
The CBI had booked diamond merchant Nirav Modi, his brother, wife and a business partner for allegedly cheating PNB of over Rs 280.70 crore after complaint from the bank.
On the basis of the FIR, the ED has also registered a Prevention of Money Laundering Act (PMLA) case and other with cheating of Rs 280 crores in Punjab National Bank.
The billionaire diamantaire Modi allegedly acquired fraudulent letters of undertaking from one of PNB’s Mumbai branches for overseas credit from other Indian lenders.
Reacting to the reports of fraud in PNB bank, the finance ministry has asked all banks to send reports involving this case or other such incidents.
Modi, who is known to be a taciturn has not come out with any statement in his defence so far.