Mumbai, Feb 19: The Central Bureau of Investigation has sealed the MCB Brady House branch of the fraud-hit Punjab National Bank in Mumbai. It is from this branch that transactions related to the PNB-Nirav Modi fraud were carried out. The Enforcement Directorate (ED) and CBI, which continued its probe in Rs 11,400 crore alleged fraud have also found at least 200 shell firms and “benami” properties which are under the scanner. These properties are related to diamond merchant Nirav Modi, his relative and business partner Mehul Choksi and others.
The ED had on Sunday conducted raids at 45 locations across 15 cities in connection with the PNB fraud case involving Nirav Modi, who is reported to have fled the country. In West Bengal, six locations of Gitanjali and Nakshatra jewellery outlets were being searched in Kolkata. (Also Read: PNB won 3 vigilance excellence awards in past 3 years)
The ED on Saturday also conducted searches at 21 locations across India in connection with the PNB fraud case. The ED has seized diamonds, gold jewellery and other precious stones worth Rs 5,674 crore till now in the case.
Modi, Choksi and others are being investigated by multiple probe agencies after the fraud recently came to light, following a complaint by the PNB, that they allegedly cheated the nationalised bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank.