PNB fraud: ED raids jewellery stores in Odisha


Bhubaneswar: The Enforcement Directorate (ED) team on Tuesday conducted raids on some big brand Jewellery showrooms in Cuttack and Bhubaneswar in connection with the PNB scam.

The ED is carrying out raids at jewellery and gem stores in various cities.

A team of ED raided as many as five prominent jewellery retail stores simultaneously in connection with multi-crore PNB fraud case, the biggest banking scam.

The raids are being conducted after the famed diamond merchant Nirav Modi fled the country defrauding the Punjab National Bank (PNB) of over Rs 11,000 crore.

While the CBI has named several top executives of top diamond houses in the FIR, many bankers have also been arrested in this connection.

Notably, the anti-corruption wing sleuths on Sunday had continued their searches at over 45 more locations in 15 cities across India.

The agency raided several places in Bengaluru, Delhi, Kolkata, Mumbai, Chandigarh, Hyderabad, Patna, Lucknow, Ahmedabad, Goa, Jaipur, Srinagar, Chennai, Jalandhar and Guwahati.

On Friday and Saturday, ED had also conducted raids at 35 and 21 locations across India respectively in connection with the multi-crore scam and had seized diamonds, gold and jewellery worth Rs 5,674 crore, reports said.

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