The financial world was shaken up yesterday after revelations of a massive financial scam by Nirav Modi was unearthed. Amidst the political cacophony, the truth was lost. For a scam that started in 2011, Congress was quick to rope in Narendra Modi and alleged that Nirav Modi met the PM in Davos earlier this year. Minister Ravi Shankar Prasad held a press conference and cleared the air.
#NiravModi did not meet PM Modi at Davos. Nirav Modi had arrived in Davos on his own and was present at CII group photo event: Union Minister Ravi Shankar Prasad in Delhi pic.twitter.com/9WINkuz4LQ
— ANI (@ANI) February 15, 2018
Senior journalist Aditya Raj Kaul also provided evidence that rendered Congress’ allegations false. He mentioned how WEF associate organisation Schwab Foundation had Firestar Diamond of Nirav Modi as their partner and his presence in Davos had no government role.
Congress jumped the gun by saying that Nirav Modi of #PNBScam fame was part of PM @narendramodi’s official delegation at Davos for World Economic Forum (WEF).
Reality: WEF associate organisation Schwab Foundation has Firestar Diamond of Nirav Modi as their partner. No Govt role. pic.twitter.com/0mmIeqMrQ8
— Aditya Raj Kaul (@AdityaRajKaul) February 15, 2018
While the political blame game was on, ED conducted searches at 17 premises across India of Nirav Modi and Geetanjali gems.
ED searches at 17 premises across India of #NiravModi & #Geetanjali Gems in #PNBFraudCase. Stocks of gold, diamond & precious stones worth Rs 5100 crore seized. pic.twitter.com/UhgUVXdrdk
— ANI (@ANI) February 15, 2018
During the raid precious stones, gold and diamonds worth Rs. 5,100 crore was seized under the Prevention of Money Laundering Act.
Stock worth Rs 5100 Cr including Gold & Diamond jewellery, Precious stones etc recovered during searches was seized under PMLA. Certain records have also been resumed for further investigation. Bank balance worth Rs 3.9 crore in accounts & fixed deposits has also been freezed.
— ANI (@ANI) February 15, 2018
Balance worth 3.9 crores in accounts and fixed deposits have also been frozen. A detailed summary of the fraud is available in our earlier report.
