PNB scam: ED conducts raids on Nirav Modi’s house, office in Mumbai

A day after the public lender Punjab National Bank (PNB) reported the fraud of a whopping over Rs 11,000 crore in one of its branches here, the Enforcement Directorate on Thursday carried out searches at the home, showrooms and offices of luxury diamond jewellery designer Nirav Modi in the city.

Modi, who was recently seen in a group photo at Davos in Switzerland with Prime Minister Narendra Modi and figured in Forbes India’s Richest People List 2016 with a net worth of USD 1.74 billion, flew out of India on January 1, much before the CBI received a complaint about the fraud from PNB.

PNB, the second largest public lender in the country, on Wednesday reported the fraud of Rs 11,000 crore by its own officials to help Modi and others get credit without guarantees and in violation of rules.

 

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