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PNB fraud LIVE: ED raids at 35 locations in 11 states, total seizure amounts to Rs 5,700 crore

Short by: NISHAN PUTHRAN 

The investigation agencies, banks, and now Interpol  - all agencies and institutions have tightened the noose around billionaire diamantaire Nirav Modi, who's at the heart of the Rs 11,400-crore 'fraud' detected at Punjab National Bank's (PNB) Mumbai branch. The first complaint against Nirav Modi's company was filed on January 29, but he and his family had already fled the country on January 1.

Now that the 'fraud' is out in the open, the PNB has fired its 18 employees, and the government has promised not to "spare anyone". The Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) have raided several properties of Nirav Modi and his alleged accomplices and have sealed diamond, gold, jewellery, and precious stones worth over Rs 5,100 crore. Though Nirav Modi has reportedly assured the PNB authorities to repay the entire money, he has been asked to come up with a concrete plan.

Read more at Business Today

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