One of the biggest bank frauds of India has been out on 14 February. It is the case of celebrity jeweler and billionaire Nirav Modi who has been allegedly involved in $1.77 Billion or Rs 11,400 crore fraud with PNB. The Enforcement Directorate (ED) on Friday conducted raids on jeweler Nirav Modi’s properties. In fact, the there is also raid conducted at the Gitanjali Jewellery showroom in Jaipur. In Jaipur, the raid was conducted at units situated in Sitapura Industrial Area.
On the basis of an FIR registered by the Central Bureau of Investigation (CBI), the case has been filed against Nirav Modi and his relatives. After the fraud has been reported, the investigation agency searched at 20 premises of businessman Nirav Modi and Geetanjali Gems across India.
What CBI said on this matter?
Searches are at locations belonging to Gitanjali group of Mehul Choksi, other directors of the accused companies and other group factories and plants including offices, factories and residences.
Nirav Modi is known for his stylish jewellery designs. Many Bollywood and Hollywood celebrities have worn his designs. He has been featured in the Forbes list of Indian billionaires.
