• Saturday, May 21, 2022


Bank loans: Raids on jeweller Nirav Modi’s home and shops

Security guards stand inside a Nirav Modi showroom during a raid by the Enforcement Directorate, a government agency that fights financial crime, in New Delhi on February 15

By: Rithika Siddhartha

  INVESTIGATORS in India today (15) raided the premises of a billionaire jeweller accused of defrauding one of the country’s biggest banks amid reports he and his family have left the country. Enforcement Directorate (ED) officers searched the Mumbai offices of Nirav Modi after he was accused of cheating state-owned Punjab National Bank (PNB) of Rs 2.8 billion ($43.8 million). Footage broadcast on Indian television news channels showed officers entering one of Modi’s jewellery showrooms in Mumbai. Investigators searched four locations in Mumbai, including Modi’s home, as well as stores in New Delhi and Surat, India’s diamond trading hub, according…

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