The Enforcement Directorate on Thursday raided several places related to jeweller Nirav Modi in Delhi, Mumbai and Surat in connection with Punjab National Bank fraud case. <br/><br/>Earlier, the ED registered a money laundering case against him and others for allegedly cheating Punjab National Bank of Rs. 280 crore.<br/><br/>Financial Services Secretary Rajiv Kumar said that all possible action will be taken in the PNB fraud case and nobody will be spared. <br/><br/>Speaking to media in New Delhi, Mr Kumar said, the scam is an isolated case of a single branch and the entire amount involved in fraud will be recovered. <br/><br/>Punjab National Bank has detected a 1.77 billion dollars scam in which billionaire jeweller Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders. <br/><br/>PNB has suspended 10 officers in this scam and referred the matter to CBI for investigation.<br/><br/>Meanwhile, the government has clarified that, no official business delegation travelled with Prime Minister Narendra Modi during his Davos visit and there was no meeting between jeweller Nirav Modi and Prime Minister in Davos. <br/><br/>Sources said, it was just a photo opportunity at an event.

The Enforcement Directorate has raided several places related to jeweller Nirav Modi in Delhi, Mumbai and Surat in connection with Punjab National Bank fraud case. <br/><br/>The agency today conducted searches at his home, showrooms and offices. <br/><br/>Earlier, the ED registered a money laundering case against him and others for allegedly cheating Punjab National Bank of Rs. 280 crore. <br/><br/>Official sources said, the agency filed the case under the Prevention of Money Laundering Act after going through a CBI FIR filed recently. <br/><br/>The ED also went through the PNB complaint that was made out against Nirav Modi and others.