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Nirav Modi: ED seizes diamonds, jewellery worth Rs 5100cr

Nirav Modi: ED seizes diamonds, jewellery worth Rs 5100cr

Modi, born into a family of diamond merchants where the empire spread across continents, is caught in the biggest corporate scandal in the country where Punjab National Bank has taken a hit of Rs 11,300 crore.

"Certain records have also been resumed for further investigation". "Assets worth Rs 1,300 crore have been seized and the passports have been revoked, along with circulating a look-out notice", he told reporters at a press conference.

The CBI, in its FIR, said that a few public servants "committed abuse of official position to cause pecuniary advantage to Fine Diamond R USA and Stellar Diamonds which is based in the United Kingdom, Solar Exports which is based at S.K.Menon street and wrongful loss of Rs 280.70 crore to Punjab National Bank during 2017".

PTI quoted ED officials, speaking on condition of anonymity, as saying that five properties belonging to Modi and the other accused in Mumbai were sealed by the agency.

They searched Modis residence in Kurla, jewellery boutique in Kala Ghoda area, three company offices in Bandra and Lower Parel in Mumbai, three premises in Surat in Gujarat and showrooms in Chanakyapuri and Defence Colony in Delhi.

The auction house posted an online slideshow of jewellery-on-stars at the 2017 Oscars and highlighted supermodel Karlie Kloss having "a major Nirav Modi moment with her diamond "Mughal" choker".

PNB has suspended 10 officers over the scam and referred the matter to the CBI for investigations.

Vehicles called by ED to transport money, jewellery and documents from the Chanakya. A banking consortium led by Standard Chartered Bank extended Rs 6800 worth gold to the Winsome Group, and PNB had lost Rs 1600 crore in that fraud.

The fraud, involving state-owned Punjab National Bank (PNB), is estimated to include transactions to the tune of Rs 11,300 crore. By a year ago, the number was more than 2,000. "The bank has the capability and capacity to come out of this situation".

Raids were also conducted in Jaipur and Hyderabad, they said. "The Income Tax (Department) is taking very strict action against him (Nirav Modi)", he said. He is believed to be in Switzerland.

Often named as India's diamond king, Nirav Modi ranked #57 in the Forbes list of India's billionaires in 2017 with current net worth of United States dollars 1.73 billion.

"In one of the industry meetings in 2013 he said that when people wear a Cartier ring they don't say it's a diamond ring, they say it's Cartier", said the member, who did not want to be named. A lookout circular is issued by enforcement agencies to all exit and entry ports to inform them about the movement of an accused.


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