Trouble mounts for Nirav Modi as ED raids 35 additional locations, total seizure stands at Rs. 5,649 crores

The nation was rocked on yesterday as the Punjab National Bank – Nirav Modi financial fraud case surfaced. Earlier today, we had also reported how stunning revelations had been made about how the Finance Secretary under the Congress Government had coerced a whistleblower into silence when he tried to warn about 1,500 crore loan that was being extended to Nirav Modi.

While the political blame game was on, the ED jumped into action and conducted raids on multiple properties connected to Nirav Modi. In raids that continued late into the night, the ED seized Rs. 5,100 crores worth of Gold, precious gems and Jewellery.

Today it was also revealed that summons had been issued to Nirav Modi and Mehul Choksi, in addition to their passports being revoked by the MEA.

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The troubles have only mounted for Nirav Modi with ED raiding additional 35 properties related to Nirav Choksi.

The Enforcement Directorate tweeted about additional raids being conducted and that diamonds, gold and jewellery worth Rs. 549 crores (book value) have been seized.

In these two days, ED has seized material worth a total of Rs. 5649 crores.


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