Nirav Modi Raided By Enforcement Directorate For Alleged Fraud Amid Reports He Is Abroad: 10 Points

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The Enforcement Directorate searched multiple locations in connection with the Nirav Modi case.

New Delhi/Mumbai:  Nirav Modi’s home, showrooms and offices in Mumbai, Delhi and Surat were searched by the Enforcement Directorate today after Punjab National Bank (PNB) complained of staggering fraud at the cost of the taxpayer to benefit the celebrity jeweller and others. Nirav Modi, recently seen in a group photo in Davos with Prime Minister Narendra Modi, flew out of India on January 1. State-run PNB on Wednesday reported Rs 11,000 crore fraud by its own officials to help Nirav Modi and others get credit without guarantees and in violation of rules. “We will honour all our bonafide commitments,” said the bank’s CEO Sunil Mehta.

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