ED raids top jewellers in twin city

In wake of the 11,300-crore Punjab National Bank (PNB) fraud, as part of an all India crackdown, the Enforcement Directorate (ED) conducted raids on some major jewellery showrooms in the twin city of Bhubaneswar and Cuttack on Tuesday.

Sources said the showrooms of Khimji Jewellers and lalchand Jewellers in the twin city were under the ED scanner and their stocks of jewelleries, gems and diamonds were verified.  

The ED sleuths are basically targeting and inquiring about the franchisees of Gitanjali Gems (Gili, Asmi, Naxatra) as in Odisha, there is no Nirav Modi brand.

Notably, the PNB fraud has allegedly been facilitated by two PNB officials Gokulnath Shetty and Manoj Kharat, who are suspected of routing fraudulent loans to companies linked to billionaire jeweller Nirav Modi and entities linked to jewellery brand Gitanjali, which is owned by Modi's uncle Mehul Choksi.

Modi, Choksi and others are being investigated by multiple probe agencies after the fraud recently came to light following a complaint by the PNB.