PNB fraud: ED raids over 45 locations in 15 cities

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SME Times News Bureau | 19 Feb, 2018
The Enforcement Directorate (ED) on Sunday conducted searches at over 45 more locations in 15 cities across India in connection with the multi-crore Punjab National Bank (PNB) scam, an official said.

The agency raided 10 places in Bengaluru, seven in Delhi, five each in Kolkata and Mumbai, four each in Chandigarh and Hyderabad, three each in Patna and Lucknow, two in Ahmedabad and one each in Chennai and Guwahati.

It also conducted raids in Goa, Jaipur, Srinagar and Jalandhar cities whose locations are yet to be confirmed, the official said.

In Delhi, the ED conducted raids at the Gitanjali brand counter in MGF mall in Saket, Ambience mall in Vasant Kunj, Gitanjali counter shoppers stop in Janakpuri, RCube in Rajouri Garden, Regal jewellers and Gitanjali store in Dwarka sector 11 and Rohini.

The ED on Friday and Saturday also conducted raids at 35 and 21 locations across India respectively in connection with the fraud involving around Rs 11,300 crore and has seized diamonds, gold and jewellery worth Rs 5,674 crore.

The ED on Thursday registered a FIR under the Prevention of Money Laundering Act and conducted raids after the surfacing of the alleged fraud by billionaire diamond trader Nirav Modi and his Mumbai-based firms -- Diamonds R Us, Solar Exports and Stellar Diamonds.

The action is based on a Central Bureau of Investigation (CBI) case registered against Nirav Modi on Wednesday in connection with a fraud involving Rs 6,498 crore.

The CBI on Thursday registered fresh FIRs against 10 directors of the Gitanjali Group of companies on charges of criminal conspiracy and cheating under the Indian Penal Code (IPC) and Prevention of Corruption Act, including Mehul Choksi, the Managing Director of Gitanjali Gems Ltd based in Mumbai's Walkeshwar.

The FIR also named two former bank employees said to be directly involved in the fraudulent transactions.

Additionally, three companies of Gitanjali Group were also named in the CBI FIR for defrauding Rs 4,886.72 crore.