Bhubaneswar: As part of its nationwide crackdown, the Enforcement Directorate (ED) today conducted raids on five prominent jewellery showrooms in Cuttack and Bhubaneswar in connection with the multi-crore PNB fraud, which is considered to be the biggest ever scam in the banking sector of the country.
A team of ED officials raided three jewellery shops in Bhubaneswar and their branches in Cuttack. Sources said, the ED sleuths examined the sale of diamond jewellery of Nirav Modi-owned brands like Geetanjali, Nakshatra, Asmi and Gili. The ED also inquired about the ownership of these showrooms.
The raids were conducted simultaneously in the twin cities of Bhubaneswar & Cuttack.
"The raids were conducted to seize brands owned by Geetanjali and others linked to the fraud," Mitesh Khimji, owner of Khimji Jewellers said.
On the other hand, the celebrity diamond merchant Nirav Modi, who is the prime accused in the multi-crore fraud, said that PNB has ruined his brand and business.
In a letter to bank management, Modi stated that claims of Rs 11,000 crore liability cited by PNB in the loan fraud case is far higher than actual.