Nirav Modi, Accused Of Fraud, Raided After Punjab National Bank Complaint

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Mumbai: 

Highlights

  1. Nirav Modi is being investigated by CBI for fraud worth Rs 280 crore
  2. Punjab National Bank had reported over Rs 11,000 crore fraud yesterday
  3. Later, CBI sources said they had received bank’s complaints against him

Nirav Modi’s showroom and home in Mumbai were searched by the Enforcement Directorate this morning, amid allegations of a massive bank fraud to facilitate the celebrity jeweler and others. The agency is searching multiple locations in Mumbai and Delhi.

Yesterday, the Punjab National bank, India’s second largest government bank, reported that $1.8 billion or over Rs 11,000 crore of taxpayers’ money had been illegally transferred abroad to select customers from a single branch in Mumbai.

Later, sources in the CBI were quoted by the Press Trust of India as saying that the agency had received two complaints against Nirav Modi, alleging fraud worth Rs 10,000 crore.
 

CBI sources say Nirav Modi, his family members and others worked…

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