Nirav Modi’s showroom and residential in Mumbai had been searched by the Enforcement Directorate this morning, amid allegations of an enormous financial institution fraud to facilitate the movie star jeweler and others. The company is looking out a number of places in Mumbai and Delhi.
Yesterday, the Punjab Nationwide financial institution, India’s second largest authorities financial institution, reported that $1.eight billion or over Rs 11,000 crore of taxpayers’ cash had been illegally transferred overseas to pick out prospects from a single department in Mumbai.
Later, sources within the CBI had been quoted by the Press Belief of India as saying that the company had obtained two complaints in opposition to Nirav Modi, alleging fraud value Rs 10,000 crore.
Nirav Modi, 48, is already being investigated by the CBI in reference to fraud value Rs.280 crore. The diamond service provider was raided by Earnings Tax officers on January 31; his workplaces in Delhi, Surat and Jaipur had been searched.CBI sources say Nirav Modi, his spouse, brother and others labored with financial institution officers to illegally receive Letters of Enterprise, which had been cashed abroad from totally different banks, each non-public and public sector.
The CBI was advised that eight Letters of Understanding had been issued to the billionaire jeweler, with out being entered within the books, to assist him get loans from Hong Kong-based banks.