NEW DELHI, Feb. 15 (Xinhua) -- India's Enforcement Directorate Thursday raided several places following the detection of fraudulent transitions worth about 1.77 billion U.S. dollars at state-owned multinational banking and financial services company, Punjab National Bank (PNB).
The raids according to officials were carried out at a jeweller Nirav Modi's showrooms in Mumbai amid allegations of him being involved in the fraud in connivance with some PNB officials.
On Wednesday, PNB reported transactions approximately 1,771.69 million U.S. dollars had been illegally transferred to select customers from a single branch in Mumbai.
The bank said based on these transactions, other banks appear to have advanced money to these customers abroad.
Around 12 employees of PNB have come under the scanner of the enforcement directorate (ED).
ED is a law enforcement and economic intelligence agency responsible for enforcing economic laws and fighting economic crime in India.
The investigators so far have not been able to contact Nirav Modi, who according to some media reports have fled India.
Nirav Modi's wife, brother and others took are under scanner for their involvement in the fraud.
India's premier investigating agency is already probing Nirav Modi in some fraud case.
The shares of Punjab National Bank dropped sharply by 8.47 percent following the unearthing of fraud, reports said.
