PNB Scam: ED raided 17 premises of Nirav Modi and Geetanjali Gems, Jewels of Rs 5100 Cr seized

Mumbai, February 16: Following the raids over $1.77 billion Punjab National Bank scam, the Enforcement Directorate has raided 17 premises across the country related to Jeweller Nirav Modi and Geetanjali Gems. The ED also seized jewellery worth Rs 5,100 crores, in gold, diamond and other precious stones while raiding Nirav Modi's showrooms.

Punjab National Bank had detected a 1.77 billion dollar scam in which Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders. PNB has suspended 10 officers in this scam and referred the mater to CBI for investigation.

Meanwhile, Nirav Modi, who has been booked for the Punjab National Bank fraud case has written to the second largest state-run bank that he will return the money within six months.

He said that he will raise this money selling Firestar Diamonds, his company. The net worth of his company is over 6,400 crores. Modi is under investigation by CBI and the ED both.

However, the Government has made it clear that none will be spared and that effort is on to revoke Nirav Modi's passport. Union Minister and senior BJP leader Ravi Shankar Prasad said the Government will take strict action against those found guilty in connection with Punjab National Bank fraud case.

Briefing reporters, he asserted that nobody will be spared irrespective of their status or stature, who sought to derail banking system to help Nirav Modi.

Prasad said, not a single loan has been given by the NDA government during its rule, which turned into Non Performing Asset(NPA). He said all the NPAs are related to the previous UPA rule.