February 15,2018:
Enforcement Directorate has seized diamond, jewellery and gold worth ₹5,100 crore in searches conducted at several properties linked to Nirav Modi in Mumbai, Delhi and Gujarat.
On Thursday, Union Minister Ravi Shankar Prasad has stated that PNB (Punjab National Bank) Fraud accused jewellery designer Nirav Modi was not part of Prime Minister Modi's delegation at World Economic Forum in Davos.
He clarified that,"He was part of the CII [Confederation of Indian Industry] delegation".
He further stated that Nirav Modi's Passport had been revoked and a Look Out Circular (LOC) issued against him.
Union Minister further clarified that,"Businessman's assets worth ₹1,300 crore have also been seized".
Punjab National Bank (PNB) Chief Sunil Mehta has stated that Nirav Modi, who has allegedly defrauded the bank of about ₹11,400 crore, has come up with “some vague offers” to repay the amount, even as the Enforcement Directorate (ED) continued raids at properties connected with the jeweller designer.
On Thursday, ED conducted multiple searches in connection with a money laundering case against jewellery designer Mr. Nirav Modi and others following a complaint by Punjab National Bank.
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