Action in the ED, assets of 5100 million humungous corporate Rs 11360 crore seized

After the expose of the high court in Punjab National Bank, the ED on Thursday raided the hideouts of billionaire diamond traders Neerav Modi and Gitanjali James. ED raided 17 places including Nirav Modi's Jaipur, Surat, Delhi. During the raid on Neerav Modi's offices, showrooms and workshops, ED also seized assets worth Rs 5,100 crore.

The assets seized by the ED include gold, diamonds and precious stones. After receiving complaints from the CBI and Punjab National Bank in the case, the ED has taken action against the raiding and search operation.

ED officials at Bandra Kurla Complex, headquarter of Firestar Diamond Private Limited in India Diamond Bourse, Neerav Modi's private office in Kurhinur City in Kurla West, his showroom, Bunik in his house at Fort located in south Mumbai and Peninsula Business Park in Lower Parel Raids in the workshop located.

Delhi-Surat also raid

ED officials in Surat of Gujarat searched the six diamond museums in Surat SEZ located in Sachin Town. Apart from this, there was a raid on the ED in an office in the Wellington Tower on Ring Road, a large diamond jewelery center. ED officials raided Modi's two diamond shops in Chanakyapuri and Defense Colony of New Delhi.

Biggest Rs 11,360 crore

In the scandal of Rs 11,360 crore in PNB, large scale action has been initiated one day after the involvement of Nirav Modi companies and bank's Brady House branch located in Mumbai, a day after the involvement of some other accounts. At least 10 bank employees of PNB have been suspended, but whether it is included in PNB's loan permission committee or any of the board of directors, it is not clear yet.

Case registered by CBI last week

PNB scam includes cases of money laundering. The CBI had filed a case against Modi and his wife Amy and brother Nishal and Mama Mehul Choksi last week. Prior to this, PNB had filed a complaint against these four on January 29 for fraud of Rs 280 crore. This fraud case is of 2011.

Neerav Modi's business is also in Europe, the US and the Middle East.

It is said that Neerav Modi had written to PNB and other banks that he would return the arrears. It is known that Neerav Modi's business is in addition to India, in Europe, America, Middle East and even in the Far East. The amount of this scam is bigger than refusing to pay Vijay Mallya's Rs 9,000 crore. These cases are being highlighted when the Indian banking system is going through a series of issues related to the debts of the banks.