Mumbai: The Enforcement Directorate (ED) carried out raids on five premises of Nirav Modi and Mehul Choksi, partners in Geetanjali Gems, on Thursday. The raids were conducted after the officials received the First Information (FIR) from Central Bureau of Investigation (CBI) and a complaint from Punjab National Bank (PNB) of the alleged fraud in PNB by diamond merchant Modi. This involves a fraud of Rs 283 crores.
“The raids were simultaneously conducted at Kurla, Kala Ghoda, Lower Parel, Bandra Kurla Complex (BKC) in Mumbai,” said an ED official.
Including Mumbai, the ED searched 17 premises of Nirav Modi and Geetanjali Gems across India including Delhi, Surat and Hyderabad and stock worth Rs 5,100 crore including gold and diamond jewellery, precious stones, etc, were recovered during the searches and seized under PMLA.
Modi owns two residences in Mumbai. One is in Worli while the other is on Peddar Road. One of the security guards at Modi’s Peddar Road Grosvenor residence told the Free Press Journal that the 2BHK house has been locked for the last six months.
“Some cops (Indian agencies) had visited the house nearly one year ago. I don’t know what was the matter but they had taken something from the house. Babu (Nirav Modi) and his families live in Worli house. This house is locked for nearly six months,” the security guard said. Choksi, who is Nirav’s uncle, also followed the same modus of operandi as Modi wherein they cheated the banks to raise funds.