PNB fraud: Nirav Modi in Dubai? Billionaire's legal team reaches emirate, say sources

Government sources suspect that billionaire jeweller Nirav Modi, the man at the centre of the alleged Rs 11,400 crore fraud detected by Punjab National Bank, is in Dubai, deciding his course of action.

Modi's legal team has reached Dubai, sources say.

Meanwhile, Enforcement Directorate director Karnail Singh is in Mumbai to strategise a plan of action with officials. The agency's teams are still conducting searches at 36 locations across India. They've already seized assets (belonging to Nirav Modi and his uncle, Mehul Choksi) worth Rs 5,680 crore.

The ED plans to attach movable and immovable assets belonging to Modi and Choksi, attach shares and stocks belonging to Choksi and his family (his company, Gitanjali Gems, is a publicly traded company), and issue a Letter of Rogatory to Hong Kong and other countries where Nirav Modi and his uncle have subsidiaries and bank accounts.

Meanwhile, the Central Bureau of Investigation (CBI) continues to conduct searches at the Brady House PNB branch in Mumbai.