The Uddhav Thackeray-led party, a BJP ally, said Modi's promise of putting an end to corruption in the country, highlighted through his slogan "na khaunga, na khane dunga", was in tatters after the alleged fraudulent transactions of Rs 11,400 crore at the nationalised bank came to light.
Companies linked to Nirav Modi and his uncle Mehul Choski have come under the scanner after the scam surfaced.
"Nirav Modi has been a partner of the BJP and was at the forefront in helping the BJP collect funds for elections," the Sena said in an editorial in party mouthpiece "Saamana".
The Sena publication said it would not allege that the diamond merchant had plundered the country with the blessings of BJP leaders.
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"How did he then manage to go to Davos and meet PM Modi, along with other industrialists?" it asked.
The Sena organ also said the Enforcement Directorate (ED) swung into action and sealed Nirav Modi's properties only after the billionaire jewellery designer had left the country.
While politicians like Chhagan Bhujbal and Lalu Prasad Yadav were behind bars in corruption cases, liquor baron Vijay Mallya and Nirav Modi fled the country from right under the nose of the government, the Marathi daily added.
The Sena added that the NDA government was being run on advertisements, on which thousands of crores were being spent.
The Thackeray-led party is a member of the BJP-led governments in Maharashtra and at the Centre.
However, it had been critical of the Modi government over its policy decisions in the past as well.