City Reports

PNB scam: ED carries out raids at Gitanjali Jewellers in Jaipur

The company is registered with SEBI and has showrooms in nearly 220 cities across the country. ED is investigating some ‘suspicious financial transactions’, according to reports.

February 19, 2018, 4:33 pm

Gitanjali Jewellers raids jaipur

Raids at Gitanjali Jewellers in Jaipur in connection with PNB scam

Jaipur: The Enforcement Directorate (ED) on Thursday carried out raids at Gitanjali Jewellers manufacturing units in Jaipur in connection with the Punjab National Bank scam. The units are situated in Sitapura Industrial Area. The company is registered with SEBI and has showrooms in nearly 220 cities across the country. ED is investigating some ‘suspicious financial transactions’, according to reports. The Rs 11,300-crore scam has exposed corruption and flaws in the country’s banking system. The main accused is Nirav Modi, born into a family of diamond merchants where the empire spread across continents. PNB managing director Sunil Mehta owns a home at Himmat Nagar on Tonk Road in Jaipur. His father was SDO in Sambhar Salt. Mehta had done MSc (agriculture) from Jobner Agriculture University and then launched his career from Allahabad Bank in Ajmer where he worked as an agriculture officer. Mehta was chief manager at Allahabad Bank’s MI Road branch in Jaipur in 2005-06. Mehta in a statement said that PNB is committed to transparent banking. The investigation has been already handed over to agencies and the culprits would be brought to the book.

First published: February 16, 2018