Nirav Modi: ED seizes diamond, gold jewellery worth Rs 5,100 crore in searches


Mumbai/New Delhi, Feb 15 (PTI): The Enforcement Directorate conducted searches in several properties linked to billionaire jewellery designer Nirav Modi in Mumbai, Delhi and Gujarat today, and seized diamond, jewellery and gold worth Rs 5,100 crore, officials said.

The raids came after the agency filed a Rs 280-crore money laundering case against Modi, his wife Ami, brother Nishal and business partner Mehul Choksi yesterday, following a complaint by Punjab National Bank. ED officials, speaking on condition of anonymity, said five properties belonging to Modi and the other accused in Mumbai were sealed by the agency. It was now planning to move the Ministry of External Affairs with a plea to revoke his passport, they said. Agency sleuths swooped down on at least 10 premises linked to the case early this morning.

They searched Modi's residence in Kurla, jewellery boutique in Kala Ghoda area, three company offices in Bandra and Lower Parel in Mumbai, three premises in Surat in Gujarat and Modi's showrooms in Chanakyapuri and Defence Colony in Delhi. Diamond, jewellery and gold worth Rs 5,100 crore have been seized during the searches, the officials said. The ED filed the case under the Prevention of Money Laundering Act (PMLA) after going through a CBI FIR registered early this month. It is understood that the ED also went through the PNB complaint that was made out against Modi and others. The agency, they said, would probe if the allegedly defrauded bank funds were laundered and these proceeds of crime were subsequently used by the accused to create illegal assets and black money.

Modi (46), a regular feature on the lists of rich and famous Indians since 2013, was booked by the CBI, along with wife, brother and business partner Choksi on January 31, for allegedly cheating the state-run Punjab National Bank to the tune of Rs 280 crore. The bank has sent two more complaints to the CBI on Tuesday, saying the scam was worth more than Rs 11,400 crore.

The ED has enlarged its probe to look into the charge of fraud of Rs 11,400 crore, agency officials said.

The CBI also raided the residences of Modi, his brother, wife and Choksi, all partners of Diamond R US, Solar Exports and Stellar Diamonds and two bank officials -- Gokulnath Shetty (now retired) and Manoj Kharat, who were also named in the FIR as accused.

"The public servants committed an abuse of official position to cause pecuniary advantage to Diamond R US, Solar Exports, Stellar Diamonds and a wrongful loss of Rs 280.70 crore to Punjab National Bank during 2017," the CBI FIR has alleged.

The bank had also alleged in the complaint that a fraudulent issuance of Letters of Undertakings (LOU) took place on January 16, 2018, for and on behalf of the accused firms, which approached the bank and presented a set of import documents to the branch with a request to allow buyers credit for making payment to overseas suppliers.

The diamantaire is an India citizen but his brother Nishal and wife Ami are not Indian nationals.

  

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Comment on this article

  • SMR, Karkala

    Fri, Feb 16 2018

    Is our Bollywood actress 'Priyanka Chopra' and actor 'Siddharth Malhotra' still like to be brand ambassador for 'Nirav Modi' and 'Gitanjali jewellery' brands 'shining India' with more than 11,000 crores of money from public sector banks?
    The CBI has booked billionaire diamond trader Nirav Modi, his brother, wife and an associate for allegedly cheating PNB and other banks of around Rs 280 crore. This was after the $1.8 billion (Rs 11,000 crore) fraud was detected at one of the Mumbai branches of PNB recently.

    The 48-year-old billionaire diamond merchant was ranked 85 in the Forbes’ list of the richest Indians in 2017. Nirav Modi had roped in Priyanka Chopra to be the global ambassador for the Nirav Modi brand last year. He left India even before the PNB could file an FIR giving rise to suspicion that his links with powerful people may have helped him escape.
    Nirav Modi’s younger brother Neeshal Modi is married to Mukesh Ambani’s niece Isheta Salgaocar. Mukesh Ambani had hosted a star-studded pre-wedding bash for the couple at his Mumbai home in 2016.
    Nirav Modi leaves the country on 1 January 2018 with his brother Nishal Modi. Nishal, a Belgian national, is married to Mukesh Ambani’s niece, Isheta Salgaocar. Ambani had thrown a lavish pre-wedding party for them in Mumbai in 2016.
    Nirav Modi’s uncle Mehul Choksy too fled India on 4 January 2018. Two days later, his wife, a US citizen, also left India as if it was all carefully planned.
    The government and its agencies astonishingly remained in sleep mode and refused to react to these developments. This despite the fact that a complaint against Nirav was sent to the PMO in the past.
    How does Nirav Modi it was said that the complaint had 42 FIRs is part of PM Modi's business delegation to 'Davos'?
    Is Mukesh Ambani's connection with fugitive forced the PM Modi's government 'Nirav Modi' for assisted escape?
    Jai Hind

    DisAgree [1] Agree Reply Report Abuse

  • Declan, Mumbai

    Fri, Feb 16 2018

    NAMO, LAMO, NIMO.................... How many mo to come ?

    DisAgree Agree [5] Reply Report Abuse

  • Declan, Mumbai

    Fri, Feb 16 2018

    Naa khaunga naa khane doonga lekin khane ke baad videsh bhagne ke liye 'free pass' de doonga............. ha, ha, ha !

    DisAgree [1] Agree [5] Reply Report Abuse

  • flavian dsouza, chik/bengaluru

    Fri, Feb 16 2018

    nirav related to ambanis , was with PM modi in Davos . Keep money at home Modi will take it and keep it in the bank chita Modi will take it !!!

    DisAgree Agree [2] Reply Report Abuse

  • Vincent Rodrigues, Katapadi/Bangaluru

    Fri, Feb 16 2018

    What is the fate of the banks who are involved in this fraud which lend public depositors money

    DisAgree Agree [3] Reply Report Abuse

  • Shammi, Karnataka

    Fri, Feb 16 2018

    Yes u r right .Fate of PNB is like beggar now,they asked help from Allahabad bank and Axis bank.N these banks even supported,finally when the scarcity of money took its peak even with these banks.Its these banks reported and then investigation began.
    I sadly fear that its not spread to south Indian banks.Whatever money recovered money should be evenly distributed to these banks now.Our properties are at risks in the hands of banks.Inorder to be safe we keep our valuable docs and things in banks.Now bank is become lootera.Wah kya zamana aagaya!

    DisAgree Agree [1] Reply Report Abuse

  • Vivek, Hirebyle / Abu dhabi

    Fri, Feb 16 2018

    At least Satyam computers Ramalinga Reddy caught during congress rule.....if he cheated now....he would given FREE EXIT by his corporate friend & Selfie partner ...Modiji

    DisAgree [2] Agree [4] Reply Report Abuse

  • Amith, USA

    Fri, Feb 16 2018

    Friends, Feku Modi is "NO MORE CHOWKIDAR BUT HE IS A BAGIDAAR" see the photo of Feku & his 40 CHOR in Davos which is self explanatory !!!!!

    DisAgree [9] Agree [16] Reply Report Abuse

  • Dev Kumar, Mangalore/New Delhi

    Fri, Feb 16 2018

    Nirva Modi s brother Nishal Modi..is married to Mukesh Ambanis niece.
    Nirva Modi's CFO is Vipul Shah.. Market lost all of sudden 6000 crores..
    Cannot invest in banks anymore.

    DisAgree [2] Agree [12] Reply Report Abuse

  • geoffrey, hat hill

    Fri, Feb 16 2018

    Is Nirav Modi's Aadhar linked to his PNB account?

    DisAgree Agree [15] Reply Report Abuse

  • Walter Puttur, Puttur

    Fri, Feb 16 2018

    Where is our Chowkidar Mr NAMO?
    In 2014, Do not make me PM, make me Chowkidar. I will sit in Delhi and will not allow to touch India's Treasury.

    NAMO was about to bring Black Money and distributes @15 Lakhs to every Citizen.
    NIMO took all our Money and Now we have to accumulate 15 Lakhs

    DisAgree [2] Agree [13] Reply Report Abuse

  • Philo, canada

    Fri, Feb 16 2018

    Where is Subramaniam Swamy of BJP now? How did he not find this out and silent now!

    DisAgree [2] Agree [17] Reply Report Abuse

  • L n T, Mumbai

    Fri, Feb 16 2018

    Make in India then Escape from India.

    DisAgree [1] Agree [14] Reply Report Abuse

  • Thomas Andrade, Toronto

    Fri, Feb 16 2018

    The list of escapees is Vijay Mallya, Lalit Modi, Nirav Modi and I am sure there will be more such escapees. When a common person steals and gets caught, he will not escape punishment, however our tycoons and politicians loot the country without fear of getting caught. The moral of the story is, when you loot, loot in billions.

    DisAgree [1] Agree [21] Reply Report Abuse

  • DON, Udupi

    Fri, Feb 16 2018

    Lalit modi+ Nirav modi + Chaukidaar modi = triangle compltete

    DisAgree [2] Agree [26] Reply Report Abuse

  • Shammi, Karnataka

    Fri, Feb 16 2018

    After repeated tension,i leaped to see on FB about this Taandav modi news .And in the comment section i found this just couldn't control my laughROFL.so sharing it here.Hope u all will also laugh.

    "Bhakhts were tensed since morning. Relieved now after the News Channels clarified that unka waala Modi desh chhod ke nahi bhaaga"
    -Meezan chand

    DisAgree [1] Agree [14] Reply Report Abuse

  • Shammi, Karnataka

    Fri, Feb 16 2018

    To Arnab Goswami,

    Kab aayega re vikas?
    OPEN your eyes guys.We have lots of question.Why is our currency getting concentrated to only one particular state people(Gujrath)?Its TIME to kick our feku and his party If all these gujrathis earned legally then there was not necessary of GST and demonetisation.

    THEY LOOTED SOMUCH TO THE EXTENT, INDIAN CURRENCY FELL SHORT ,SO STARTED A NAATAK IN THE MIDNIGHT,MITRON AAJ KE BAAD NAYA NOTE NAYA KARWAN.AND AGAIN RESUMED LOOTING .STILL FELT SHORT AND AGAIN MITRON STARTED BARKING AAJ KE BAAD GST HOGA 28%,18%BLAH BLAH.

    VIKAS TOH GAYA BHAAD MAIN AUR VINASH HUA HINDUSTAN KA.

    SMART PEOPLE ,ITS TIME TO THINK PRACTICALLY IF ALL OF THEM EARNED LEGALLY THEN INSTEAD ONE OR TWO PEOPLE BECOMING RICH ,WE HINDUSTAANIS WOULD HAVE BEEN POVERTY FREE.

    WAIT A MINUTE WHERE IS THIS TAANDAV MODI S AADHAR CARD, WASN'T IT LINKED TO ANYOF HIS ACCOUNTS?

    WHAT A BIGGEST SHAME?THUUU.... NIM JANMAKKE

    DisAgree [1] Agree [21] Reply Report Abuse

  • Ks, Karkala

    Fri, Feb 16 2018

    Yahhan se 50-50 kos door gav me jab bachcha rota hai toh maa kehti hai soja nahi toh modi ayega! Modi - iss naam itna dharravna hai ke naam sunte hi log ghabrate hain. After lalit modi, nirav modi........

    DisAgree Agree [12] Reply Report Abuse

  • leslie, udupi

    Fri, Feb 16 2018

    Time is the greatest leveler....
    Kuch waqt tumhara to kuch mera...
    Nobody can be a saint in these days politics...
    Some promising faces turn to be crazy...
    Difficult to guide young whom to trust....

    Time only may tell us at opportune time...

    DisAgree [2] Agree [2] Reply Report Abuse

  • ca girishkk, m'lore/dxb

    Fri, Feb 16 2018

    Let us hope that the recovered jeweler not declared as FEKU gold worth 5.1 crores...,

    DisAgree Agree [13] Reply Report Abuse

  • ca girishkk, m'lore/dxb

    Fri, Feb 16 2018

    Someone during tv debate gave a clue about the next big one a group highly connected to a powerful political party from GujRAT ..., which owns lot infra assets etc.,
    Its cumulative & aggregate borrowing is more than lac crores up since 2014 (prior to 2014 it was less than 50K crores)

    let us sit fingers crossed...,

    DisAgree Agree [11] Reply Report Abuse

  • Honnappa, Byadagi

    Thu, Feb 15 2018

    This government cannot detect such frauds in one bank under its control. Imagine what will happen if aadhar is made compulsory for all things. God save us.

    DisAgree [1] Agree [9] Reply Report Abuse

  • Swamy, Mangalore

    Thu, Feb 15 2018

    This is gift from Chota Modi to Maha Modi through ED.

    DisAgree [3] Agree [31] Reply Report Abuse


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Title: Nirav Modi: ED seizes diamond, gold jewellery worth Rs 5,100 crore in searches



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