Nirav Modi billionaire jewellery designer who is been absconding is believed to be in Belgium. According to reports, the Ministry of External Affairs on Thursday stated that it has established contact with allegedly absconding diamond jeweller Nirav Modi and that soon further action will be taken against him.
It is learnt that Nirav Modi grew up in Belgium and his brother is believed to be living there as well.
Nirav Modi and Gitanjali Gems Chairman and Managing Director Mehul Choksi, who are the main accused in the Rs 11,000 crore Punjab National Bank scam left India in January.
The ED has conducted searches at 45 locations in 15 cities which include, Hyderabad, Guwahati, Jalandhar, Mumbai, Bengaluru, Chandigarh and Lucknow. Last week, the ED launched a nationwide raid on the offices, showrooms and workshops of Nirav Modi. The CBI registered an FIR against the Gitanjali Group of companies based on a complaint registered by the PNB.
On Sunday, the ED conducted searches at over 45 more locations in 15 cities across India in connection with the fraud. The sell-off has wiped out about $1.7 billion, or more than a quarter of the bank's market value since it disclosed the fraud last Wednesday. Other bank stocks with exposure to the fraudulent transactions that PNB says began in 2011 also fell.