New Delhi [India], Feb 15: Enforcement Directorate (ED) team at Nirav Modi's showroom & office in Mumbai's Kala Ghoda. The Enforcement Directorate is currently conducting raids at the residence and offices of Nirav Modi and PNB, reports Moneycontrol's Tarun Sharma. The ED had earlier registered money laundering case against Nirav Modi and others in connection with the scam. Proceedings have begun against officials named in the FIR. 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.

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.