HYDERABAD: Enforcement Directorate (ED) carried out raids in four kiosks of ‘Geetanjali Gems’, including one at Begum Bazaar- Hyderabad, owned by Mehul Chinubhai Choksi, the maternal uncle of Nirav Modi and named in the FIR filed by the Central Bureau of Investigation. “The ED officials confiscated business transaction documents of Geetanjali Gems,” sources said. Meanwhile, Union minister Ravi Shankar Prasad, in an official statement on Thursday said that Nirav Modi’s passport has been revoked and a Look out Circular issued against him. The raids were carried out in connection with the countrywide searches against billionaire jewellery designer Nirav Modi.
“The ED on Thursday searched 17 premises across India of Nirav Modi & Geetanjali Gems in cases related to fraud in Punjab National Bank (PNB). Stock of gold, diamond and precious stones worth Rs 5,100 crores were seized,” confirmed ED. The raids were executed, after PNB detected fraudulent transactions worth over Rs 11,000 crore. The case is currently being investigated under the Prevention of Money Laundering Act (PMLA). A city based Gems and Jewellery store owner told Deccan Chronicle that Nirav Modi does not own any flagship jewellery chain in Hyderabad.
However, his maternal uncle Mehul Chinubhai Chowski earlier owned Geetanjali Gems (headquarters based in Mumbai) located in Hyderguda and the stores were shut down since it did not do well in business. However, in many city malls, kiosks of Geetanjali Gems operate. Mehul Choksi holds partnership in three companies owned by his nephew Nirav Modi. On January 31st, the CBI had filed an FIR against Mehul Chinubhai Choksi of Diamond R and Stellar Diamonds, along with Nirav Modi, his brother Nishal and wife Ami for allegedly cheating PNB of over Rs 280 crore in 2017. While Mehul Choksi, who holds over 20 jewellery kiosks across tier one & two cities in different states, has been named in the FIR, the four have been booked under Sections of the IPC for criminal conspiracy and cheating and provisions of Prevention of Corruption Act.
