Huge seizure from Nirav Modi’s Surat units

AHMEDABAD/SURAT: The Enforcement Directorate (ED) on Sunday carried out raids at the offices, showrooms and workshops of celebrity jewellery designer Nirav Modi and his uncle and business partner Mehul Choksi of Gitanjali Group in connection with the Rs 11,800 crore Punjab National Bank (PNB) fraud.
ED carried out raids at locations across the country and seized gold, diamond, gems and other precious stones. In Gujarat, the raids were conducted in Ahmedabad, Surat and Vadodara.
ED sources said, “The raids were conducted at units located in the Surat Special Economic Zone (SEZ) which include Firestar Diamond International Pvt Ltd and Firestar International Pvt Ltd from where stock worth Rs 371 crore and Rs 530 crore were seized respectively. Besides, a stock of Rs 10.51 crore was also seized from the offices of both the units located at Ring Road in Surat city.
A stock of Rs 1 crore was seized from a Gitanjali Store in Ahmedabad and another of Rs 4.5 crore was seized from a store in Vapi,” said sources.
“Apart from that, raids were conducted at Shoppers Stop located in Alpha One Mall in Vastrapur area of Ahmedabad city and Inorbit Mall on Old Padra Road in Vadodara,” added sources. The amount of seizure is yet to be ascertained by the agency officials.
The ED is also trying to find out how money was laundered out of the country by Modi and his associates and whether they have purchased any properties with the funds. The multi-pronged action by the agency came in the wake of PNB’s admission of unearthing the multi-crore fraud case involving Modi’s companies.
by via Surat News, Latest Surat News Headlines & Live Updates - Times of India