Nirav Modi case: ED begins independent valuation of seized articles

An independent valuation of the valuables seized during raids related to billionaire jeweller Nirav Modi, estimated to be worth around Rs 51 billion, has been started by the Enforcement Directorate, sources said.

The development comes as raids are being conducted in at least 20 locations related to the Gitanjali group of companies, promoted by Nirav Modi's maternal uncle and business partner Mehul Choksi, in six cities and five states.

Nirav Modi has been accused of a Rs 115 billion fraud by the Punjab National Bank (PNB).

On Thursday, ED teams carried out simultaneous raids on Modi's offices, showrooms and diamond workshops in Mumbai, Surat (Gujarat) and New Delhi.

Stocks of gold, diamonds and other precious stones worth several hundred crores of rupees have been seized during the raids, besides incriminating documents, computer discs and other material.