ED seizes assets worth Rs 10.30 crore from establishments linked with Nirav Modi

JAIPUR: Following the raids at seven business establishments having links with Nirav Modi, sleuths of enforcement directorate (ED) managed to seize assets of nearly Rs 10.30 crores. Raids that had started on Saturday continued till the wee hours on Sunday.
“The valuation of assets was over by 3 am on Sunday. We have been able to seize assets mainly including diamond jewellery worth Rs 10.30 crore. This is an outcome of our raids at seven business establishments including three at Sitapura, three at World Trade Park and one situated at C-scheme,” said a senior officer of ED on Sunday.

ED officials had conducted fresh raids at the five establishments with links to Nirav Modi situated at Word Trade Park (WTP), SEZ, Sitapura and C-scheme locality in Jaipur in connection to the Punjab National Bank fraud on Saturday.

Official of ED refrained from taking names of the jewellers who are on their radar apart from Nirav Modi. “Our job is to find out and seize the unaccounted assets. After the seizure further course of action in this matter would be taken,” said an officer.

Two teams of ED entered the ground floor of A block WTP on Saturday morning for raids on Geetanjali and Nakshatra jewellery stores along with Shoppers Stop situated at WTP and at C-scheme which has outlets of Nirav Modi’s jewellery store.

From the Sitapura-situated business establishments, the ED officials managed to seize asset worth nearly Rs 3.3 crore while from the rest of 5 business establishments including Geetanjali and Nakshatra at WTP the sleuths managed to seize assets of nearly Rs 7 crore.

Raids were being conducted since Thursday, a day after ED had registered a case under the Prevention of Money Laundering Act (PMLA) on the basis of the first information report (FIR) filed by the Central Bureau of Investigation (CBI) in January.