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.
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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.
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While the political blame game was on, ED conducted searches at 17 premises across India of Nirav Modi and Geetanjali gems.
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During the raid precious stones, gold and diamonds worth Rs. 5,100 crore was seized under the Prevention of Money Laundering Act.
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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.