New Delhi [India], Feb 15: ED attaches assets worth Rs 6 crore of R Bhuvaneswaran of Chennai, MC Ponnappa & Hamzath Naha of Mysuru, and PS Subramanyam of Bengaluru under Prevention of Money Laundering Act (PMLA) in a bank fraud case. “Punjab National Bank has capability & capacity to come out of this. In response to our registered FIR, raids are being conducted on involved groups establishments; documents & records are being seized. Steps are being taken to protect financial interest of banks” Sunil Mehta who is the MD of PNB

The scam was first detected by our officials at first in 2011 & we had reported it to the concerned agencies. Nirav Modi left the country on 1st of January. CBI received complaint from PNB on 29th Jan 2018. CBI registered the case on 31st January. Lookout notice has also been issued against Nirav Modi: : Punjab National Bank (PNB) MD Sunil Mehta

One of the premises, currently being raided, has been identified to be Nirav Modi's showroom in Kala Ghoda, Mumbai. The other locations identified are -three in Surat, four in Mumbai and two in Delhi. Since the time the PNB fraud was identified, major jewellers have come under the scanner. PC Jeweller CFO however clarified stance and said the firm is not related to the case in any way.

SEBI is likely to probe possible disclosure lapses by banks and other listed companies, including several jewellery firms, that have come under the scanner in connection with the whopping Rs 11,000 crore fraud detected at state-owned PNB.